As per participants, small lots of export deals were concluded for Billet & Wire rod to Nepal recently. Prices have reduced by about USD 5/MT. The export offers fell amid decline in Indian domestic steel prices and depreciation in Indian currency against USD.
The latest export deals for the induction route billet from Eastern region, Durgapur reported at around USD 515-518/MT as against last offers at USD 520-522/MT ex-mill. On CFR basis the latest deal would charge at around USD 540-545/MT CFR Raxaul border (Nepal).
Further, the small deals of Wire rod reported at close to USD 590-595/MT, equivalent to USD 615-620/MT CFR Raxaul border (Nepal). The last quotation for the same was around USD 595-600/MT ex-mill & USD 620-625/MT CFR Nepal.
“Rupee depreciation is allowing us to lower prices, but at the same time falling domestic prices are also lowering export offers” said an exporter based at Kolkata, Eastern India.
The Indian currency yesterday fell to a record low against the dollar and traded at INR 71 against US dollar.
Further as per assessment, the Billet & Wire rod prices declined by around INR 200-300/MT (USD 3-5) in East India, where the manufacturers actively participate for exports. The prices fell due to limited inquiries on poor off take of finished products.
The latest offers evaluated at INR 36,500-36,700/MT for Billet & INR 42,000-42,200/MT for 5.5mm Wire rod, ex-works, Durgapur in East India.
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