Indian semi-finished steel market was shut. Market participants are hopeful of trades restarting soon as largest integrated steelmaker JSW Steel is keen on resuming production. The daily Davis Index for rebar remained unchanged at Rs33,400/mt ($443.20/mt) ex-works Mumbai. The daily index for billet in Mumbai settled at Rs28,700/mt ($380.83/mt) ex-works.
JSW Steel reported quarterly production figures and announced on Tuesday that the company is making all preparation to recommence operation at all location when the government lifts the lockdown on Apr 14. Almost all primary steel producers have reduced their production by nearly 50-60pc in the past two weeks as buyer moved out of the market. Steelmakers also faced challenges because of shortage of manpower, restriction on movement of trucks and other safety measures.
The daily Davis Index for rebar in Raipur remained unchanged at Rs31,200/mt ($414.01/mt) ex-works as markets were shut. The daily index for billet also remains unchanged at Rs26,500/mt ($351.64/mt) ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot was flat at Rs29,800/mt ($395.43/mt) ex-works.