About 12,000 t of billets export deals were concluded this week to Nepal from eastern India. Nepal’s mills largely booked billets rather than sponge iron due to continued unscheduled power cuts in the country, leading to a temporary shutdown of several furnaces.
- About 9,000-10,000 t of induction furnace-route billets export deals were reported to Nepal at a price range of $700-715/t exw, eastern India basis, equivalent to $725-740/t CPT Nepal.
- Fresh offers are reported at around $710/t exw-Durgapur, equivalent to $735/t CPT Nepal. Prices fell by $30/t, w-o-w, as per SteelMint’s assessment.
- A rake of blast furnace (BF)-route billets export deal was also reported at around $755/t CPT Nepal. Offers remained stable considering last week’s deals.
Re-bars
- Domestic finished steel demand in Nepal remains moderate amidst falling steel prices in the Indian market. Also, lifting from traders remained slow despite favorable construction seasons.
- Domestic rebar offers in Nepal are hovering at NPR 108,000/t ($880/t) on an ex-works basis, excluding VAT. Prices dropped by NPR 2,000/t ($16/t), w-o-w, as per SteelMint’s assessment.
Wire rods
- Wire rods demand remained limited from Nepal and offers for commercial grades produced by mid-sized plants dropped by $25-30/t, w-o-w, to $795-800/t CPT Nepal.
- BF-route wire rod (SAE 1008) offers are stable at $870/t CPT Nepal.
Sponge iron demand remains poor
- Furnace owners remained cautious of booking sponge iron from India amidst reduced output due to power shortage.
- Fresh offers stood at $510-515/t CPT Nepal for FeM 80%, lumps 70%, fines 30% material, down by $10-15/t, w-o-w.
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