About 15,000 tonnes (t) of Indian IF-route billet export deals were concluded this week to Nepal from the eastern region.
The average prices of the mentioned deals were reported at $670-680/t exw-eastern India, equivalent to $700-705/t CPT Nepal. These offers fell by $35/t w-o-w.
Also, the Nepal buyers resumed sponge iron purchases with gradual improvement in power supply in the country. SteelMint recorded about 5,000 t of sponge iron deals this week concluded at around $490-500/t CPT Nepal, for material ranging from FeM 79-80%, lumps 70%, and fines 30%.
Nearly 3,000 t of IF-route (commercial grade) wire rod deals were also reported at around $740-750/t exw Durgapur, equivalent to $770/t CPT Nepal, size 5.5 mm.
However, primary mills were holding offers due to significant fall in prices through the mid-sized plants (produced through the induction route) amidst poor buying interest. The indicative prices for billets were assessed at around $740/t (BF route) and $840-845/t for wire rods (SAE 1008) on CPT Nepal basis. These offers fell by $20-25/t, w-o-w.
Nepal’s rebar prices soften
Domestic finished steel demand in Nepal remains dull due to ongoing weekend holidays and elections, while offers fell slightly by NPR 1,000/t ($8/t) w-o-w, with fresh offers at NPR 107,000/t ($865/t) on an ex-works basis, excluding VAT.
Prices are expected to remain under pressure as trends turn sluggish. Also, domestic demand seems to be bearish as liquidity crunch remains among participants, sources based in Kathmandu told SteelMint.
Leave a Reply