Indian Billet Export Offers to Nepal Hit All-Time Low

Indian induction grade billet export offers hit lowest ever since May'18 due to falling domestic steel prices in India as well as in global market. In addition, drop in INR against USD also resulted to the decline in billet export offers. Currently, Indian Rupee is trading at all-time low of INR 75 against the US Dollar.

As per SteelMint assessment, the current export offers of 100*100mm induction grade billet are hovering at USD 350-353/MT ex-mill at Durgapur which is equivalent to USD 375-377/MT CPT Nepal, via road delivery.

Sources informed that buyers are currently in a wait and watch mode and are not in a mood to book any bulk volumes as prices are constantly falling.

After the deteriorating COVID-19 situation across the globe, Indian market has also suffered a sharp fall in its local steel prices by around INR 2,500-3,000 (USD 33-40)/MT in semis & finished steel products in Mar'20 which has also impacted the current export offers.

Wire rod export offers too decreased to around USD 395-398/MT ex-mill at Durgapur, equivalent to USD 425-430/MT, CPT Nepal, via road delivery.