Indian Primary Mills Conclude Wire Rod Export Deals to Nepal

Indian primary mills reported 2 rakes of wire rod export deals to Nepal while some more deals are under negotiation, SteelMint learned from its credible sources.

-- The fresh deals for about 5,500 MT (2 rakes) wire rod (5.5mm, SAE 1008) were reported at an average price of USD 525-530/MT CPT Raxaul border, Nepal. In addition, few deals are under negotiation, as per Nepal based sources.

Meanwhile, there are no such fresh deals for billet by large scale mills and the last deals were reported in the 1st half of Feb'20 at an average price of USD 445/MT CPT Raxaul border, Nepal, for about 4-5 rakes (11,000-13,000 MT).

-- Coming to secondary mills, the offers for induction grade Billet (100*100mm) were reported at around USD 425-427/MT & Wire rod (commercial grade, 5*5 mm) at USD 475-480/MT CPT Nepal, via road delivery.

Participants mentioned that local steel demand in Nepal remained lower than expectation, hence the mills have now taken position as per the need.

-- The local rebar prices in Nepal have come down to around NPR 63,000/MT (INR 39,850/MT or USD 553/MT); ex-works, Birgunj/Bhairva, size 12mm & excluding local taxes.

Indian Wire rod Exports Country Wise (Jan-Dec'20)

Source: SteelMint Research, Indian custom