Nepal: Domestic rebar prices up by NPR 1,000-2,000/t ($8-15) w-o-w as few mills stop production

In Nepal, rebar prices have risen by NPR 1,000-2,000/t ($8-15/t) w-o-w, with offers standing at NPR 78,000-80,000 /t ($586-601/t)for cash purchase and NPR 82,000-84000 /t ($616-631/t) for bank guarantee.

According to market sources, Nepal's 5 leading steel mills having annual melting capacity of around 800,000t have reportedly suspended operations since last week due to outstanding electricity dues.

As per reports, despite repeated calls these industries had not paid their dues in the form of power tariff to the NEA. The latest report of the Auditor General too instructs the NEA to collect the arrears.

Imported WRC deals remain slow - A sharp decline has been observed in wire rod coil (WRC) offers from India, with no deals currently being finalized. BF-route wire rod coils are being quoted in the range of $570-$580/t exw, while EAF/IF-route WR coil prices are ranging between $525-$530/t exw, however, no deals have been reported.

Nepal steel imports in CY23 - Nepal steel imports of WRC in CY'23 is hiked by 31% y-o-y to 183,377 tonnes (t) against NPR 140,130 in CY'22. Moreover, rebar import is also up by 24% y-o-y to 2,137 t in CY'23 as compared to 1,627t in CY'22.