According to Mining News Pro -Indian induction grade Billet export offers to Nepal surge by USD 8-10/MT day-on-day amid jump of exchange rate against USD & slight gain in domestic prices.
Today Indian rupee appreciated by 80 paise to 72.5 compared to 73.3 a day before against a US dollar. Similarly on day trade activities induction grade billet offers have increased by INR 200-400/MT (USD 3-6) in eastern India, which is the most active market for Billet exports to Nepal.
As per exporters, the latest offers for 100*100 mm, Induction furnace grade billet hovering at USD 465-468/MT ex-mill, Durgapur as against last day at USD 455-458/MT (1st Nov`18). Hence on an average it surge by USD 8-10/MT, day-on-day.
The Wire rod export offers being rally and stood at around USD 545-550/MT as against last day at close to USD 540/MT (ex-mill) Durgapur, for commercial grade & size 5.5 mm.
On CFR basis USD 25/MT will be charged extra above prices for CFR Raxaul border, Nepal.
However the buying interest reported dull from the Nepal`s re-rollers due to low production and festive lean activities in the nation.
Notably, in recent export tender floated by Vizag Steel (RINL) being received poor response. The company was floated tender of 10,836 MT Billet (equivalent to 4 rakes), which expired on 30th Oct`18. The highest bid for the tender was reported at around USD 475/MT ex-mill as against settled tender during last month at USD 503-505/MT ex-mill.
On an average Nepal`s monthly Billet imports from India is about 1 lakh MT and during Jan-Dec`17 the country has imported about 10 lakh MT Indian billet which is expected to grow by 10-20% in current year owing to rising rolling capacities in Nepal.
Further, India exported around 189,000 MT Wire to Nepal during Jan-Jul`18, equivalent to 25,000-30,000 MT per month.
