Indian Mill Cuts HRC Export Offer to Nepal; Deal Reported

SteelMint learned from market sources that major Indian steel manufacturer has slashed its HRC export offers to Nepal.

Market participants shared that a major private Indian steel manufacturer has concluded HRC export deal for about 3 rakes at USD 525/MT CFR Raxaul border for January end or early February shipments. Prior this the company was offering HRC at USD 580-590/MT CFR basis for Dec shipments.

Indian HRC bookings for Nepal witnessed a decline since last month amid liquidity issues due to which fresh requirements were not coming up. Also delayed dispatch of previous bookings were also a matter of concern.

However another major steelmaker based in eastern region is offering around USD 505/MT CFR basis for Feb shipments. However no deals concluded at these prices.

Nepal flat steel imports in CY18 - According to customs data maintained with SteelMint, Nepal imported 0.69 MnT of flat steel in CY18 as compared to 0.50 MnT of flat steel in previous year.Out of this nation has imported 0.46 MnT of HRC in CY18.

However major flat steel exporters to Nepal were India at 0.58 MnT accounted for 85% of share and China at 0.05 MnT occupied the share of 7.4% followed by Ukraine and Taiwan.