Indian Induction grade Billet export prices to Nepal declined by about USD 10/MT on recent deals concluded by steel mills based in Eastern region.
As per trade sources report to SteelMint, the Medium mills based in Eastern India have concluded small deals of Billet & Wire rod to Nepal with reduce prices by USD 10/MT, day-on-day.
Trades for small lots of Induction grade 100*100 Billets reported at around USD 475/MT, which was last day offered close to USD 485/MT ex-mill, Durgapur. On CFR basis, the latest trade would cost at around USD 500/MT CFR Raxaul Border (Nepal).
Similarly, deals for Commercial grade Wire rod 5.5 mm reported at around USD 545/MT, equivalent to USD 570/MT CFR Raxaul Border (Nepal). Last day the same were offered at USD 555/MT ex-mill Durgapur, equivalent to USD 580/MT CFR; down by USD 10/MT day-on-day.
The market participants anticipate there will be improved inquiries from Nepal re-rollers as Financial year working will end in current week.
They believed due to financial year closing (15th July) most of bulk purchasers in Nepal have limited purchases which likely to resume from coming weeks as mills don’t have much stock to continue their operations.
Large Mills yet to revise prices
Large mills have maintained prices and heard offers of prime grade (blast furnace grade) billet at around USD 550/NT ex-mill (West Bengal) which is equivalent to USD 580/MT CFR Raxaul border (Nepal). However, no major trades have been assessed as buyers are mute for fresh bookings and looking for lower prices.
Further, the Wire rod offers by Jharkhand based large mills (grade SAE 1008) reported at around USD 640/MT CFR Raxaul border (Nepal). However, by a West Bengal based producer it hovering at USD 580-585/MT ex-mill, equivalent to USD 610-615/MT CFR Raxaul border (Nepal).
As per re-rollers in Nepal, Indian large mills willing for fresh deals but buyer isn’t interested at this prices, looking for lower prices.
Nepal’s domestic rebar prices fall again by NPR 1,000/MT (USD 9)
The fresh quote for Rebar by small mills in Bhairva, Nepal reported at NPR 76,000/MT (USD 690) & the large mills (premium brands) hovering at around NPR 77,500-78,000/MT (USD 704-708). The prices are ex-works, size 10-20mm and excluding VAT at 13%.
As per mill owners in Birgunj – Nepal, local steel demand continue to remain sluggish owing to heavy rains amid closing of financial year, which kept away buyers for fresh purchases.
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