The Davis Index for rebar in Mumbai remained unchanged on Tuesday at Rs34,300/mt ($454.9/mt) ex-works. The index for billet also was flat at Rs28,900/mt ($383.28/mt) ex-works.
The nationwide lockdown has adversely impacted the real estate sector with housing sales coming to a standstill. Builders are thus facing cash flow issues and stayed away from raw material purchases. Although the government has allowed for partial resumption of construction activities, a persisting shortage of labour is delaying the time frame for existing projects.
In Raipur, the Davis Index for rebar was flat at Rs32,800/mt ($435.01/mt) ex-works with limited trade activity over the past two days. Inventories with mills have reduced as sales picked up in the prior week.
The index for billet dropped by Rs300/mt ($3.97/mt) and settled at Rs26,100/mt ($346.15/mt) ex-works Raipur as neighbouring markets faced a glut of semis. Mainly since sponge iron and billets from Raigarh have also made it to the Raipur market. Pellet sponge was priced at Rs15,400-15,500/mt, down by Rs100/mt from the prior day.
In Mandi Gobindgarh, the daily index for ingot remained unchanged at Rs29,250/mt ($387.93/mt) ex-works. Trade activities were limited as most mills across Punjab are yet to re-start operations.
($1= Rs75.40)