On September 27, SteelOrbis reported that ex-India induction grade billet offers to Nepal were trending down. Offers at the time were reportedly at $505-510/mt CFR Nepal on induction grade material due to the fall in domestic induction grade billet prices in India.
Sources noted that the mixed and uncertain trend in the domestic Indian market has weakened interest by Nepal mills as they are concerned about a further price erosion in India, although, as SteelOrbis recently reported, India’s domestic billet prices ticked up on October 8, but is now being informed of “mixed signals” on October 9. Ex-India billet offer prices to Nepal are reportedly now at $490-500/mt CFR Nepal, down $15/mt from the bottom of the previous range and $10/mt compared to the top of the same range.