Nepal: Rebar offers fall amid decline in raw material prices
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Nepalese rebar offers (cash guarantee) fell by NPR 1,000/t ($7/t) w-o-w to NPR 91,000-92,000/t ($682-690/t) exw, against NPR 91,000-93,000/t ($682-697/t) a week ago. Meanwhile, offers of bank guarantee remained range-bound at NPR 94,000-95,000/t ($705-712/t) exw. Deals have been heard concluded at lower offers, sources informed BigMint. Moreover, declining raw material prices also put pressure on offers.
- Sponge iron export prices fell $3-$10/t this week due to fluctuating domestic market sentiment and volatile weekly prices. The leading export price to Nepal for FeM 80% (70:30 mix) dropped to $409/t CPT Raxaul. However, despite the price decrease, sales volume remained strong, with approximately 13,000 tonnes (t) of sponge iron sold to Nepal.
- Indian BF-route Wire rod export offers from primary mills remained on hold due to limited allocations and higher domestic realisations. However, price indications were heard at $590-600/t exw. However, no deals have been heard concluded.
- Indian EAF/IF-route wire rod offers decreased by $10/t w-o-w to $565-570/t exw, as compared to $575/t previous week, as informed by market participants based in Durgapur.