Nepal: Rebar offers rise by $15/t on costlier imports, improved demand
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Nepal's rebar offers increased by NPR 2,000/t ($15/t) w-o-w for both cash and bank guarantees. Offers for cash guarantee stood at NPR 75,000-77,000/t ($560-575/t) from NPR 73,000/t ($545/t) last week, while bank guarantee offers climbed to NPR 78,000-79,000/t ($582-590/t) from NPR 76,000/t ($567/t). This uptrend is attributed to improvement in demand. However, some small deals have been reported as buyers continued to make need-based purchases.
Imported sponge, steel offers
- EAF/IF route wire rod coils (WRC) offers rose by $15/t w-o-w to $515/t ex-works Durgapur compared to $500/t ex-works last week. While, BF- route offers continued to remain stable w-o-w at $560-565/t ex-works.
- Indian sponge iron export offers increased significantly by $4-$29/t w-o-w amid fluctuations in domestic market sentiments and prices of the material. Approximately 19,500 t of sponge iron were sold to Nepal. Nepal's export prices surged to $371/t CPT Raxaul. A rise in buying activity supported increase in offers.
Nepal's product wise-import volume
- Nepal's finished flat steel imports in August 2024 increased by 8,043 t m-o-m to 41,336 t from 33,293 t in July.
- Moreover, imports of finished long steel rose by 2,520 t reaching 11,616 t in August against 9,096 t in July.
- On the other hand, semi-finished steel imports dropped by 2,293 t to 10,778 t in August as compared to 13,071 t in July.