- About 20,000 t sponge iron booked from eastern India to Nepal.
- Over 5,000 t of BF-route billets were sold from eastern region.
Nepal mills actively booked sponge iron from India and nearly 20,000 tonnes (about seven-eight rakes) of deals were confirmed this week from the eastern belt (Odisha, Jharkhand).
The average price of the mentioned deals was reported at around $475-495/t CPT Nepal. Current offers are hovering at $465/t LTW from Odisha, equivalent to $485/t CPT Nepal, (FeM 80%, lumps 70%, fines 30%).
Inline, two-three rakes (5,500-8,000 t) of BF-route billet deals were reported this week at an average price of $640/t CPT Nepal, while current offers are hovering in the same range.
However, demand for IF-route billets remained limited and only about 1,200-1,500 t deals were reported this week via road delivery, as prevailing offers remained higher compared to BF-route billets. Fresh offers of IF-route billets stood at around $610/t exw-Durgapur, equivalent to $635-640/t CPT Nepal. These offers were down by $25/t, w-o-w, as per SteelMint’s assessment.
Similarly, there are no fresh deals reported for wire rods on account of the export duties setback.
Current offers through the primary mills (SAE 1008) have fallen by around $5-10/t, w-o-w, to around $830-835/t CPT Nepal, while offers by IF mills for commercial grades were at $790-800/t CPT Nepal, down $25-30/t w-o-w. These offers include export duty of 15%.
Domestic rebar offers also fall in Nepal
Domestic rebar offers in Nepal fell by NPR 3,000/t ($24/t) w-o-w. Current offers for 12mm rebar stand at around NPR 93,000/t ($728/t) on an ex-works basis, excluding VAT.
Local finished steel demand in Nepal remains dull on seasonal slowdown as well as softening steel prices in India. This has influenced buyers to postpone major bookings.
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