Indian HRC export prices have moved up by USD 5-10/MT W-o-W in the recently concluded HRC export deals to Nepal. SteelMint learned from its sources based in Nepal that Indian steel mills have collectively booked three rakes of HRC to Nepal for March shipments.
As per the information received, a government-owned major steel producer has booked two rakes of HRC for March shipment at USD 520-525/MT (ex-plant), which is equivalent to USD 540/MT CFR Raxual border.
Another private-owned major steel manufacturer based in eastern India booked one rake of HRC for March shipment at a similar price level.
Before this towards the beginning of Jan’20, two major Indian mills had booked around 5,000 MT HRC (1.6 mm and above) each at USD 530-535/MT CFR Nepal for Feb-end-Mar’20 shipment.
However, currently, Indian steel manufacturers are eyeing for USD 550/MT CFR Nepal for April deliveries amid limited allocations for the overseas markets. Also, the consistent increase in HRC export offers from Indian mills is backed by strong demand and higher steel prices in the domestic market.
Meanwhile, Indian HRC export offers to Vietnam are also heard in a similar range, but no major bookings have been concluded yet at the new offers.
Nepal HRC/Plate imports in CY19- As per the data maintained with SteelMint, Nepal’s aggregated HRC/Plates imports stood at 0.48 MnT in CY’ 19 in comparison with 0.46 MnT in CY ’18. The major exporting nations to Nepal include- India at 0.44 MnT, followed by China at 0.03 MnT, and Taiwan at 0.01 MnT in Jan-Dec ’19.
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