Market sources based in Nepal shared with SteelMint that, Indian steel mills are aggressively booking HRC exports to Nepal for Sep shipments.
As per information received, a major private Indian steelmaker has booked 3 rakes of HRC (1.6mm-1.8mm, width 900mm SAE 1006, re rolling grade) to Nepal in range of USD 483-485/MT CFR Raxual Border for Sep deliveries.
Meanwhile a govt owned steelmaker also booked around 3 rakes of HRC ( tube grade, 1.8mm and above IS 10748 and IS 2062) at USD 465-470/MT FCA which is coming around USD 483-485/MT CFR Raxual border for Sep deliveries.
Few other sources also shared that a major Indian steel mill based in eastern region also booked 1 rake of HRC with Nepal for Sep shipments at similiar levels. However the trade couldn’t be confirmed while publishing this report.
Towards the beginning of Aug’19 a private Indian steel maker booked HRC to Nepal at around USD 525/MT CFR Raxual border for Aug-Sep shipment.
Thus tepid domestic demand and high inventory levels turned Indian steel mills to actively export HRC to overseas nations amid weakening prices in domestic market.
Nepal HRC imports in H1 CY’19- As per data maintained with SteelMint, Nepal imported 0.22 MnT of HRC/Plates in H1CY’19 out of which around 83% of total imports or 0.19 MnT was procured from India.
Meanwhile Nepal’s HRC/Plate imports from China bagged 11% of total share with 0.03 MnT in Jan-Jun CY’19.
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