Nepal’s sponge iron imports growing steadily

Nepal’s sponge iron imports have increased by 54%, while billet imports fell by 45%, m-o-m, in Oct’21. Sponge imports are rising due to increasing melting capacities and taxation amendments slashing import duty on sponge to zero against 5% earlier. Billet imports are falling as re-rollers have postponed buying, demanding a roll-back in taxes. Nepal’s government has imposed a local duty of NPR 2,500/t on billet imports.