A few secondary steel mills in Raipur have re-started bookings. This is the first sign of activity in the sector, after trade completely stopped since the nation-wide lockdown was declared by the government on March 25. The lockdown runs till May 3, but the government has eased restrictions on industries in areas that are not too severely afflicted with COVID-19 cases.
Steel mills in Raipur will continue to remain shut and are unlikely to re-start before May 3. The priority for mills will be to liquidate stocks.
Rebar mills in Raipur raised offers by Rs300/mt from the pre- COVID-19 levels with the daily Davis Index settling at Rs31,500/mt ($411.33/mt) ex-works up by Rs300/mt. Limited deals have been concluded at Rs31,400-31,500/mt. The daily index for billet remained flat at Rs26,500/mt ($346.04/mt) ex-works.
In Mumbai, the daily index for rebar remained unchanged and settled at Rs33,400/mt ($436.60/mt), while the index for billet settled at Rs28,700/mt ($374.77/mt) ex-works.
In Mandi Gobindgarh, the daily Davis Index for ingot remained unchanged at Rs29,800/mt ($389.54/mt) ex-works.