Nepal based mills turn active for wire rod and billet bookings from India in last few days on improved domestic demand, SteelMint learned from market participants.
It is also learned that large mills cargoes are preferred over medium mills on narrowing price difference.
Around 3 rakes (~8,100 MT) of wire rod has been concluded by large mill at around USD 450/MT CPT Raxaul border. Offers from other large mills are also reported in the range of USD 445-450/MT CPT Raxaul/Jogbani border.
“SAIL had booked around 6 rakes (~16,500 MT) billet in last two weeks in the range of USD 400-405/MT CPT Raxaul. Market expects SAIL to increase offers by USD 5-10/MT next week” mentioned a trader based in Nepal.
Offers from Vizag steel heard at USD 405/MT for 150mm bloom & for wire rod at around USD 455/MT CPT Raxaul, although no deals reported, he further added.
Small deals are reported by medium mills for billet (IF grade) at around USD 390-395/MT & for Wire rod at around USD 450/MT, CPT Raxaul, Nepal.
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