Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, an Indian government owned steel maker had floated an export tender of 5,504 MT Billet & 5,504 MT Wire rod (equivalent to 2 rakes of each product) for Nepal, which expired on 1st Dec’17.
SteelMint learned that, the company has managed to sell entire quantity. Billet has been concluded at USD 460/MT & Wire rod at USD 525/MT on ex-mill basis for Dec end delivery.
Prior to this, Vizag Steel’s 15,000 MT billets (90*90 mm) export tender for December-end shipment which expired on 29th Nov was concluded at around USD 465/MT, FoB India.
Induction grade offers
Induction grade billet offers from Odisha stands at USD 435/MT and from West Bengal at USD 450-452/MT on ex-mill basis for Nepal. Some deals have also been reported at these prices.
Indian domestic billet prices are quite strong and manufacturers are not very aggressive into exports, said market participants.
Nepal likely to resume steel imports from India
Nepal based mills are likely to resume steel imports as elections are over. Nepal is the largest importer of Indian billet. Nepal imports 1,000,000-1,100,000 MT of billets every year out of which 900,000-1,000,000 MT is imported from India.
“In last few months, Nepal steel imports have dropped owing to scheduled elections and low trade activities. Elections are over and we expect new government to execute infrastructure projects, which will certainly lead to improved demand.”said a local trader based in Kathmandu, Nepal.
Leave a Reply