Steel mills located in Nepal have cut down on purchase of MS billet from Indian market looking at high volatility in Indian Rupee. Local sources mention that current offers for MS Billet from India pertain in the range of $520-530/t FOB Nepal at Raksol border. They also mention on steel demand has been moderate in Nepal over appreciating US Dollar which has made imports expensive.
“Currently imports of billets have been very negligible from India after Rupee has fallen against USD. Most of us have booked material when Indian Rupee was at 54 levels and now it has fallen to 57/USD. Although there is no buying interest, but offers are hovering around $520-530/t FOB Nepal and $495-500/t Ex Plant in India.” said a re roller based in Nepal.
Imports of billet attracts an import duty of 5%, he further added.
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