SteelMint learned from market sources that major Indian manufacturers have cut their HRC export offers to Nepal following slump in global export offers from major exporting nations.
Market sources shared with SteelMint that, a major private Indian steel manufacturer based in eastern region of India is in talks to conclude a deal for about 2 rakes (5400 MT HRC) at USD 550/MT (ex-plant) which is coming around USD 570-575/MT CFR Raxaul border for December shipments.
A month back the company has concluded HRC deal of around 2 rakes at USD 580-585/MT on ex-plant.
Meanwhile, a major private Indian mill based in western region is offering HRC export offers to Nepal at USD 580-590/MT CFR landed Raxaul border.However no major deals concluded in these offers. Last offers heard of the same company was around USD 622/MT, CFR basis.
However participants from other major players commented that they are having pending backlog orders. Thus they will be soon offering HRC export offers to Nepal in upcoming week for Dec shipments.
India flat steel exports to Nepal in Jan-Oct’18- According to customs data maintained with SteelMint,India exported 0.51 MnT of flat steel to Nepal which accounts for 88% of share in first ten months of Jan-Oct’18.
However other major importers are China which exported 0.03 MnT contributes 6% of share followed by Taiwan and Ukraine at 0.02 MnT in Jan-Oct’18.
Nepal imports around 0.50 MnT flat steel annually in CY17 of which share of HRC is .0.39 MnT.
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