On December 12, SteelOrbis reported that ex-India induction grade billet offers to Nepal were approximately $455-465/mt CFR Nepal.
Sources inform SteelOrbis that ex-India induction grade offer prices increased up to $475-480/mt CFR toward the end of December and began to decline in early January. Prices now are reportedly at $460-465/mt CFR Nepal or approximately $435-440/mt ex-works from mills in eastern India. In CFR terms, offer prices declined $15/mt compared to the end of December.
A source noted that Nepal buyers are showing limited interest and Indian prices are higher than competing offers being heard from other origins such as the Middle East and CIS. The stronger INR against the dollar is also challenging the export potential of Indian billet.
Historically, India has been the major exporter of steel goods to Nepal. According to preliminary customs data, India exported 1.20 million mt of billet to Nepal in 2018, up 11 percent compared to 1.08 million mt in 2017.