Indian domestic ferrous scrap prices maintained their status quo and remained flat with demand coming to a standstill.
The Punjab government has already extended its lockdown for another two weeks from the previous deadline of May 3 and a few other states are likely to follow suit.
The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs20,150 ($268.12/mt) del Mandi Gobindgarh. The daily index for sponge iron remained unchanged at Rs20,000/mt del Mandi Gobindgarh.
All melting activity stays shut and market participants believe it could take six months for the smooth functioning of the steel industry. Various bodies have sought relief packages from the government along with help in demand creation.
The bi-weekly index for HMS 1&2 (80:20) remained unchanged at Rs21,000/mt del Chennai and the index for sponge iron remained flat to Rs18,800/mt del Chennai.
Integrated steelmakers like JSPL and Sail, however, harbour hopes of a revival in demand after lockdown.
In Durgapur, Raipur, Hyderabad, Goa, Indore, Jalna and Ahmedabad the bi-weekly index for HMS 1&2 (80:20) settled unchanged at Rs22,475/mt, Rs 22,050/mt, Rs22,450/mt, Rs21,000/mt, Rs22,200/mt, Rs21,950/mt and Rs23,400/mt respectively.
The Maharashtra government has announced around 10-12pc of deduction in electricity tariff for five years to support businesses, trades, industries tide over the crises.
The daily Davis Index for HMS 1&2 (80:20) and sponge iron settled unchanged at Rs22,450/mt and Rs17,900/mt del Mumbai mills, respectively.