As per trade sources report to SteelMint, Nepalese mills have booked good volumes of Sponge iron, Billet & Wire rod recently from eastern India.
The deal prices for the products reported lower by around USD 5-10/MT than the prevailing offers during last week and the Indian export prices fell on account of decline in domestic steel prices due to weak demand.
As per trade sources report, yesterday good volumes of Billet sold through the Durgapur based mills for 100*100mm, induction grade at close to USD 430-435/MT ex-mill, this is equivalent to USD 460-465/MT CNF Raxaul border (Nepal).
Further, the Wire rod export deals assessed in rake at near to USD 500-510/MT ex-works, which would be around USD 530-540/MT CNF Raxaul border Nepal.
If sources are to be believed, couple of rakes of Wire rod & Billet have been booked by major mills in Nepal and for which dispatches are soon to be made as eastern Indian based mills have healthy stock in hand for the both products.
In line Sponge iron, as per trade sources, more than 1,000 MT sponge iron have been booked by couple of manufacturers in Nepal at an average price of USD 260-265/MT ex-works, India, which is equivalent to USD 300/MT CNF Nepal.
Participants are assuming as the current offers are favorable to Nepalese mills, they may remain active for imports of raw materials. In addition as soon to monsoon enter in the both nations, the buyers (Nepal mills) may prefer to raise stock at current competitive price range.
Statistics
— India exported about 1,182,432 MT Billets to Nepal during CY18 as against 1,060,906 MT in CY17.
— Similarly Wire rod exports increased to Nepal and recorded at 247,010 MT in CY18 in comparison with 176,827 MT in CY17.
— India’s Sponge iron exports registered at 365,447 MT to Nepal in CY18, increased from 254,663 MT in CY17.
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