Primary mills in eastern India have raised export offers to Nepal by USD 30-40/MT in Jan’20. They are eyeing for further hike on account of better realization in domestic market as well ocean export deals along with followed by healthy orders in hand.
The participants in Birgunj – Nepal being reported, offers during last week was quoted by large scale mills was up by USD 30-40/MT as compared to Dec’19 deals and the offers mentioned at USD 455-460/MT for billet & USD 510-515/MT for Wire rod, CPT Nepal, Raxaul/Jogbani border.
Further an official from a large scale mill also confirmed that not much interest for further fresh bookings to Nepal and the deals for couple of rakes (around 5,500 MT) for billet reported during last week at around USD 457-460/MT CPT Nepal. However no latest bookings was reported for wire rod amidst lessened stock and disparity between bids & offer.
It is to be noted that, India’s bulk billet & bloom exports have increased by 145% in Dec’19 with 3,52,110 MT as against 1,43,602 MT during Nov’19. In these exports large mills proportion is about 90%, as per vessel line up data maintained by SteelMint.
In context to mid scale mills, the fresh export offers (via road delivery) to Nepal stands at USD 445-450/MT for Billet & USD 505-510/MT for Wire rod, CPT Nepal. The offers remained strong due to average domestic demand amid not much selling pressure among mills.
Also, traders/exporters in Kolkata, eastern India stated that deals are taking place and recent about 5,000 MT induction grade billet export deal to Nepal reported at USD 430-432/MT (loaded to rake) and the freight cost to Nepal at around USD 20-22/MT.
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