Nepal's domestic rebar prices rise, tracking higher input costs

Nepal mills, feeling the heat of a continuous increase in import prices of raw materials from India, have further raised their rebar offers despite moderate domestic demand.

• Rebar offers rose by NPR 2,000/t ($17/t) w-o-w. Fresh offers from standalone mid-sized rolling mills for 10-20 mm stood at NPR 88,000-89,000/t ($737-745/t) and from premium brands at around NPR 90,000/t ($754/t). Prices are on an ex-works basis, excluding VAT.
  
  

IF-route import offers rise

• Offers of IF-route billets rose by $10/t, w-o-w, to $630/t exw-Durgapur, equivalent to $655/t CPT Nepal.
  
  
• Following a rise in billets offers, export offers of wire rods also moved up and are currently hovering at $680/t exw Durgapur, equivalent to $705/t CPT Nepal, compared to around $695/t CPT Nepal last week.
  
  

No fresh bookings of BF-route billets

• Indian export offers of blast furnace-route billets to Nepal remained stable this week amidst a wait-and-watch mode adopted by both sellers and buyers due to healthy bookings seen in the last few weeks. The offers are hovering at $650/t CPT Nepal.
  
  
• Also, offers of BF-wire rods (SAE 1008) were stable at $695-700/t CPT Nepal.
  
  

Sponge iron bookings remain active

• Indian sponge iron (iron ore-based DRI, 70% lumps and 30% fines, FeM 80%) export offers increased by $20-25/t, w-o-w, to around $490/t (loaded on to rake), equivalent to $515/t CPT Nepal.
  
  
• A rake of sponge iron was reportedly sold this week at around $485/t (loaded on to rake), equivalent to $510/t CPT Nepal.