Indian Mills Keep Steel Export Offers to Nepal Unchanged

Amid fluctuating domestic prices and less significant demand from Nepal, eastern India based mid sized mills have kept offers unchanged.

Mid size mills based in eastern India have kept export offers firm as against last week on fluctuating domestic prices & exchange rate as well.

As per mills, demand has continued to remain steady, which was expected to boost post the festive season. However they believed it will soon boost with pick up in rolling mills' production along with improvement in demand.

Birgunj is the major industrial hub in Nepal which contributes close to 40% of country's total steel production, where currently few of major mills are still closed and expected to resume operations by week-end.

The current export offers for induction grade billet reported at around USD 460-465/MT & Wire rod (5.5mm & commercial grade) at close to USD 545-550/MT ex-mill at Durgapur. On CFR basis these prices would cost at around USD 490/MT & USD 570-575/MT, respectively, CFR Raxaul/Jogbani border, Nepal.

Large Mills Hold Fresh Quotation

As per renowned mills in Nepal, presently the large mills in Eastern India have not quoted any fresh offers, although the earlier dispatches are still pending.

It should be noted that, RINL's last export tender to Nepal have received poor response as re-rollers in Nepal were not in hurry with sufficient stock in hand, festive season and pending previous dispatches.

Meanwhile participants believed that the latest price quotation of large mills will be more dependent on fresh RINL's export tender which is expiring today for about 13,545 MT (equivalent to 5 rakes) Billet, in which 8,127 MT comprises for 150*150 mm & about 5,418 for 90*90mm.

RINL's previous export tender to Nepal which expired on 30th Oct'18 received bid at around USD 475/MT ex-mill.