Indian steel semis market has pinned its hope on revival of construction activities as the government announced a moratorium on loan repayments. The daily Davis Index for rebar remained unchanged at Rs31,200/mt ($415.33/mt) ex-works Raipur on Friday. The daily index for billet also remains unchanged at Rs26,500/mt ($352.76/mt) ex-works Raipur.
The central bank of India RBI has directed all Indian financial institutions to ease their credit systems. In a major announcement, a three-month moratorium was sanctioned on all outstanding terms loans. The three-month moratorium will apply to corporate loans as well as home loans, and vehicles loans. This move is expected to provide immediate relief to all industrial units as well as individuals. Many companies involved in real estate and construction could benefit from this moratorium. Market participants review this as a positive policy that will help infrastructure companies to resume activities when the COVID-19 lockdown is lifted.
In Mumbai, the daily index for rebar remained unchanged at Rs33,400/mt in the absence of trade. The daily Davis Index for billet in Mumbai settled at Rs28,700/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot remain unchanged at Rs29,800/mt ex-works.