Nepal buyers have turned active in importing billets from India to stock raw mterials as transportion generally gets affected in the monsoon season.
About four to five rakes (10,000-12,000 t) of Indian BF-route billet export deals from eastern India -based mills were concluded this week to Nepal. The average price of the mentioned deals stood at around $640/t CPT Nepal.
A few parcels of IF-route billets (produced through the mid sized plants) were heard to be sold at nearly $570/t exw-Durgapur, equivalent to $595/t CPT Nepal. Offers fell by $20/t, w-o-w, as per SteelMint’s assessment.
Also, export offers of sponge iron (ranging from FeM 79-80%, lumps 70%, and fines 30%) dropped by $5-10/t, w-o-w to $405-410/t exw-eastern India, equivalent to $430-435/t CPT Nepal.
Offers of IF-route (commercial grade) wire rods, size 5.5 mm, stood at around $720/t exw-Durgapur, equivalent to $745/t CPT Nepal including export duty of 15%.
However, primary mills held back offers amid a significant fall in prices through the mid-sized plants (produced through the induction route) due to weaker buying interest.
Nepal’s rebar prices fall further
Domestic rebar prices in Nepal dropped further due to seasonal weak demand and ongoing liquidity crunch after the budget was announced recently.
Fresh offers of 12mm rebars stand at NPR 95,000/t ($763/t) on an ex-work basis, excluding VAT. Offers fell by NPR 3,000/t ($24/t) w-o-w.
Prices are expected to remain under pressure amid the sluggish trends. Also, domestic demand will continue to be bearish due to liquidity crunch and an expected slowdown in construction activities during the monsoon season, sources-based in Kathmandu told SteelMint.
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