Local mills in Nepal have lowered rebar offers by NPR 9,000/t in the last 10 days, due to a continuous drop in Indian steel prices. Also, it is learned that the major buyers in Nepal are holding fresh bookings of Indian billets & wire rod on expectations of a further drop in prices. Currently rebar (10-16mm) offers in Nepal are reported at NPR 73,000-74,000/t ($625-635) exw, excluding VAT & ED. Yesterday, a few small parcels of Indian induction grade billet were concluded at $483-485/t & wire rod offers at $538-540/t exw Durgapur, exclusive of freight charges to Nepal at $25/t.
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