According to Mining News Pro - Export offers of Indian Induction route billets & wire rod to Nepal continue to move down in line with falling prices in domestic market on wake of improved supply & weak demand. As per assessment, in a week`s duration the Indian export offers to Nepal fell by about USD 20-25/MT.
As per participants, small lots of export deals were concluded for Billet & Wire rod to Nepal. The deal price for the Billets reported at close to USD 480/MT, fall from a week ago at USD 500-505/MT, ex-mill, Durgapur.
Similarly, few of deals reported for commercial grade wire rod (5.5mm) at around USD 560/MT, which was last week assessed at USD 580-585/MT, ex-mill, Durgapur, East India.
On CFR basis these prices would cost high by about USD 25-30/MT CFR Raxaul/Jogbani border, Nepal.
An official from a mid size mill in Birgunj, Nepal reported booking for High carbon wire rod (8mm) with a Jharkhand, East India based mill and the deal price reported at around USD 635/MT CFR Jogbani border, Nepal.
As per him the local steel demand in Nepal has remained weak as this the off season of steel trades due to halt in construction activities amid heavy monsoons in the country. The domestic steel productions in Nepal reported a drop as liquidity crunch arises with the poor off take of finished steel products.
In general the most of re-rollers in Nepal operate their plants for 18 hrs per day, which is currently not more than for 12-15 hrs, he added.
Nepal`s Semi Finished Steel Import 2016-2018
| Commodity | Jan-Dec`16 | Jan-Dec`17 | Jan-Aug`18 | Total |
| Billet | 1,050,734 | 1,081,980 | 786,283 | 2,918,998 |
| SpongeIron | 66,299 | 111,955 | 69,638 | 247,892 |
| GrandTotal | 1,117,033 | 1,193,935 | 855,922 | 3,166,889 |
Qty in MT
Source: SteelMint, custom
The local rebar prices reported drop of about NPR 1,000/MT (INR 650/MT or USD 8.5/MT) and indicated further down trend as Indian prices dropped along with lessened demand.
The current rebar prices for commercial grade rebars by small/medium mills reported at around NPR 79,000/MT (INR 49,500/MT or USD 680/MT) & through the premium brands, large manufacturers assessed at around NPR 80,000-81,000/MT (INR 50,100-50,750/MT or USD 689-698/MT). The prices are ex-works, size 10-20mm and excluding VAT.
