India’s one of the largest Steel producer – SAIL (Steel Authority of India Limited) heard to have reduced its Wire rod export offers to Nepal by about USD 20-25/MT.
As per Market participants the company’s latest export offers for Wire rod to Nepal (grade – SAE 1008, size 6-8mm) is hovering at around USD 610-615/MT ex-mill, West Bengal (East India) which was last offered at around 635-640/MT ex-mill; reduced by USD 25/MT. On CFR basis the latest price would be around USD 630-635/MT CFR Raxaul border (Nepal).
Sources revealed the current price cut by SAIL is due to rise in inventory levels with the company.
As per large mills in Nepal; bookings to be made with SAIL as offers by other large producers are quite high and not less than USD 675-680/MT CFR.
As per them, JSPL’s Wire rod offers evaluated at USD 690-700/MT and by a another blast furnace grade producer based in Bokaro, Jharkhand price is hovering at USD 675-685/MT CFR.
However they mentioned that, Billet export offers remain firm by the large mills like SAIL & JSPL and the latest offer by SAIL reported at USD 560-570/MT (ex-mill) although by JSPL they added at about USD 580-590/MT (ex-mill).
On CFR basis, SAIL’s Billet would cost at around USD 580-590/MT & by JSPL at close to USD 610-620/MT; CFR Raxaul border (Nepal).
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