Indian billets export offers to Nepal remain stable

Indian BF-route billet export offers to Nepal remained stable amidst volatility in Indian steel prices.

• Recently, about two rakes of BF-route billets deals from India were reported to Nepal at around $660-665/t CPT Nepal, while fresh offers are stable from suppliers due to moderate demand due to the higher offers.
  
  
• However, offers of IF-route billets increased by $10-15/t w-o-w and are currently hovering at $650/t exw-Durgapur, equivalent to $675/t CPT Nepal. A few deals were reported at the beginning of the week at around $630/t on exw-Durgapur basis. However, later on, revised offers led to a slowdown, sources informed SteelMint.
  
  

Wire rods

• Following stability in billet offers, export offers of BF route wire rods were also unchanged.
  
  
• Offers of BF-wire rod (SAE 1008) stood at $730-735/t, while offers from mid-sized mills (IF-route) were reported at $700/t exw-Durgapur, equivalent to $725/t CPT Nepal. No fresh deal was reported for BF route grade, while about 1,000 t deals were confirmed for IF-route at around $700/t CPT Nepal, in the begining of week.
  
  

Sponge iron

• Indian sponge iron (iron ore-based DRI, 70% lumps and 30% fines, FeM 80%) export offers rose slightly by $5/t, w-o-w, to around $495/t (loaded on to rake), equivalent to $520/t CPT Nepal.
  
  
• Meanwhile, deals for two rakes of sponge iron were reported recently at around $490/t (loaded on to rake), equivalent to $515/t CPT Nepal.
  
  

Nepal's domestic rebar prices stable on moderate demand

• Domestic rebar prices remained stable in Nepal on account of moderate demand on slow construction works due to the prevailing liquidity crunch in the country.
  
  
• Fresh offers for 10-20mm rebars hovered at NPR 91,000/t ($759/t). Prices are on an ex-works basis, excluding VAT.