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Nepal: Rebar offers rise by NPR 3,000/t ($22/t) w-o-w on rising raw material costs

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BigMint Bureau

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20 Apr 2024, 13:35 IST

Nepal: Rebar offers rise by NPR 3,000/t ($22/t) w-o-w on rising raw material costs

Nepal's rebar offers for both cash and bank guarantee (credit) increased by NPR 3,000/t ($22/t) w-o-w to NPR 84,000-85,000/t ($629-637/t) and NPR 87,000-88,000/t ($652-659/t) exw, respectively, as compared to NPR 81,000-82,000 /t ($607-614/t) and NPR 84,000-85,000/t ($629-637/t) exw, a week ago. Despite low demand, rising costs of raw materials and increased load shedding have pushed rebar prices up.

Persistent power outages have been seen due to which Nepal-based mills have been enduring over 10 hours of load shedding, sources informed BigMint.

Sponge iron export offers from India are up by INR 2,000/t w-o-w, with significant rise in domestic prices in India. Leading prices for Nepal surged by $27/t to $410/t delivered at Raxaul (CPT Raxaul) for Fe content of 80% with a volume of 3,000 tonnes (t).

Indian BF-route wire rod coil offers rose by $20/t w-o-w to $590/t exw against $570-575/t exw previous week. Moreover, no deals have been heard concluded.

Indian EAF/IF-route wire rod offers went up by $15/t w-o-w to $565-570/t exw-Durgapur against $550/t exw last week, as informed by players based in Durgapur.