Indian Large Mill Concludes Wire rod Export Deal to Nepal

As per latest update received by SteelMint, an eastern India based large scale mill has concluded wire rod export deal to Nepal.

The deal have been concluded for couple of rakes (equivalent to 5,000 MT) blast furnace grade wire rod and the price range reported at near to USD 460-465/MT CPT Raxaul/Jogbani border, Nepal.

With this fresh deal, total of 5 rakes (12,000-13,000 MT) wire rod have been booked by Indian large scale mills to Nepal during Sep'19 and the average landed cost of material would be near to USD 460-465/MT, CPT Nepal.

The delivery of material will be take place by Oct'19, sources closed with the deals reported.

In context to Billet, the fresh deals are yet to take place of blast furnace grade and offer prices learned at around USD 400-410/MT, CPT Nepal.

Induction grade steel export offers

Mid sized mills export offers to Nepal slightly drop this week by USD 5/MT amidst price correction in domestic market & falling Indian rupee against US dollar.

Hence with the slight plunged in export offers, small deals are taking place, as cited by participants.

The latest export offers of induction grade billet (100*100mm) through the mid sized mills stood at around USD 380/MT ex-mill, equivalent to USD 400-405/MT CPT Nepal.

In line wire rod, the export offers evaluated at USD 435-440/MT ex-mill at Durgapur, this landed cost to Nepal would be around USD 460-465/MT, CPT Nepal.

Further, SteelMint in conversation with Nepalese mills learned that, the local rebar demand is remained average in the country and production utilization is close to 50% range. Thus, the domestic steel prices are steady since more than a month.

The local rebar prices are currently reported at around NPR 59,000/MT (INR 36,850/MT or USD 517/MT); ex-works, Birgunj/Bhairva, size 12mm & excluding local taxes.