Nepalese mills reportedly placed orders for about 10,000-12,000 tonnes (t) of blast furnace (BF)-route Indondesian wire rods as offers for the same showed a decline.
The average price of the mentioned deals was reported at around $625/t CFR Haldia, equivalent to $665-670/t CPT Nepal. But, earlier, a few parcels had been booked at around $650-660/t CFR Haldia basis, thus, showing a $30/t drop.
Due to hefty export duties on Indian wire rods, the land-locked nation turned towards other ocean suppliers. So far, about 40,000 t of wire rods have been booked by the Nepal mills in the last 40-45 days, in which one parcel is expected to be delivered by August-end.
However, purchases of other raw materials were limited this week from Nepal mills with no fresh deals reported for billets.
Current offers for billets of both IF and BF routes are more or less similar at around $640-645/t CPT Nepal.
Meanwhile, mills have booked nearly 5,000 t of Indian sponge iron, out of which, a deal for lumps-based DRI (C-DRI) was reported at $470-475/t LTW eastern India, equivalent to $490/t CPT Nepal (FeM 80%, lumps 70%, fines 30%).
Purchases were slightly low this week due to the ongoing holidays and fluctuating Indian steel prices although sufficient orders had been placed by buyers last month.
Domestic rebar offers stable in Nepal
Domestic rebar offers in Nepal were stable this week amid sluggish demand alongside the festive holidays and liquidity crisis in the country.
Current offers for 12mm rebar are at around NPR 92,000/t ($721/t) on an ex-works basis, excluding VAT.
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