Nepal: Rebar prices rise $15/t w-o-w amidst rising costs

Nepal's rebar prices have seen a significant increase of NPR 2,000/t ($15/t) w-o-w for both cash and bank guarantee driven by a combination of rising raw material costs from India and disruptions caused by power cuts in the region due to recent floods.

Offers for cash guarantee stood at NPR 77,000-79,000/t ($572-587/t) from NPR 75,000-77,000/t ($558-572/t) a week ago, while bank guarantee offers climbed to NPR 80,000-81,000/t ($595-602/t) from NPR 78,000-79,000/t ($580-587/t) last week. Moreover, a deal of around 10,000 tonnes (t) at around NPR 78,000-80,000/t ($580-595/t) has been heard concluded.

Imported sponge iron, steel offers

• EAF/IF route wire rod coils (WRC) offer rose by $15/t w-o-w to $530/t ex-works Durgapur compared to $515/t ex-works last week.
  
  
• Moreover, BF-route offers hiked by around $30/t w-o-w to $585-590/t ex-works against $560-565/t ex-works a week ago.
  
  
• India's sponge iron prices increased by INR 100-300/t across key locations. PDRI prices were assessed at INR 27,650-28,500/t at the close of trading, while CDRI prices stood at INR 28,800-32,800/t. Despite the price hikes, bookings remained moderate across the regions. Buyers were cautious due to the continuous price rise, with only need-based procurement observed d-o-d. Approximately 8,750 t of sponge iron transactions were recorded in India on Friday, down from 33,900 t on 12 September.