Nepal: Rebar, wire rod prices decline further amid subdued construction demand

Nepals steel market remained under pressure this week amid subdued construction demand and cautious buying sentiment. Rebar prices declined by NPR 1,600/t ($10/t) w-o-w to NPR 77,500-79,500/t ($505-519/t) on 23 May for cash deals, while bank guarantee transactions were heard at NPR 79,500-81,500/t ($519-532/t). Meanwhile, IF-EAF wire rod prices also fell by $10/t w-o-w, with offers at around $540/t CNF Raxaul, reflecting continued weakness in regional steel trade.