Nepal: Rebar offers rise by up to NPR 8,000 ($60/t) w-o-w despite muted demand
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Nepal's rebar offers for cash and bank guarantee rose by NPR 7,000-8,000/t ($52-60/t) w-o-w to NPR 91,000-93,000/t ($682-697/t) and NPR 94,000-95,000/t ($704-712/t) exw against 84,000-85,000/t ($629-637/t) and NPR 87,000-88,000/t ($652-659/t) a week ago, despite low domestic demand as the rise in raw materials costs and load shedding have pushed rebar prices higher. However, no deals have been heard concluded this week.
Imported sponge iron, steel offers
- Indian sponge iron export offers decreased this the week due to significant decline in domestic sponge iron prices. Sponge iron prices for Nepal fell by $5/t, settling at $403/t CPT for FeM 80% (70:30 mix). Moreover, a deal of around 5,000 tonnes (t) for the same has been heard for Nepal despite weak demand.
- Indian BF-route wire rod coil offers rose by $5/t w-o-w to $600/t exw against $595/t exw previous week. Moreover, no deals have been heard concluded.
- Indian EAF/IF-route wire rod offers remains rangebound this week at $570/t exw, as informed by market players based in Durgapur.
- A deal of around 10,800 t for BF-route billet from India to Nepal has been heard concluded at $545-550/t exw.
Product-wise imports in April
- Nepal's finished flat steel imports for April rose by 9% or 3,805 t m-o-m to 45,782 t against 41,977 t in March.
- However, finished long steel imports declined by 24% or 4,188 t m-o-m to 13,542 t in April compared to 17,730 t in March.
- Furthermore, semi-finished steel imports in April increased by 23% or 3,418 t m-o-m to 18,378 t against 14,960 t in March.
