Ingot and billet prices dipped in most Indian markets amid limited trading activity due to restrictions imposed by various state governments as COVID-19 cases reach a new high every day. The daily Davis Index for billet in Raipur declined by Rs300/mt ($4/mt) to Rs41,500/mt ($559/mt) ex-works.
The Raipur steel market turned silent on Wednesday with the news of a renewed lockdown from April 9 making rounds in the state. An official announcement to this effect, however, was not out till the time of publishing.
Few steel mills in Raipur state demand for finished steel, including rebar, has already started to dip. If the state government imposes a stringent lockdown, steel demand could diminish further.
Pellet Sponge offers were unchanged at 30,200/mt ($406/mt) ex-works Raipur. The daily index for rebar declined by Rs300/mt at Rs44,700/mt ($601/mt) ex-works.
In Mumbai, the index for billet and rebar settled unchanged at Rs42,400/mt and Rs47,900/mt ex -works, respectively.
In Mandi Gobindgarh, the index for ingot declined by Rs500/mt to Rs43,300/mt ex-works amid a similar decline in local scrap prices.