Rebar prices rose in India as some Mumbai-based rebar mills resumed dispatches and started taking orders after a long gap of more than a month. Many areas in Mumbai are designated hotspot of COVID-19 and the city has been under a lockdown since March 25. Production operations at a mills will remain shut and are unlikely to start before May 3, last day of the extended lockdown.
Rebar mills increased their offers Tuesday by Rs400-500/mt ($5-7/mt) from the pre-covid levels as they have limited inventory. However, traders were less interested to place orders as demand is yet to pick up. Few trades concluded with buying from state government approved projects.
In Mumbai, the daily index for rebar rose by Rs400/mt ($5.26/mt) and settled at Rs33,800/mt ($445.26/mt) while the index for billet remains unchanged at Rs28,700/mt ($378.07/mt) ex-works.
The daily Davis Index for rebar in Raipur increased by Rs200/mt at Rs31,500/mt ($414.96/mt) ex-works with limited trades. The daily index for billet remained flat at Rs26,500/mt ($349.09/mt) ex-works.
In Mandi Gobindgarh, the daily Davis Index for ingot remained unchanged at Rs29,800/mt ($392.57/mt) ex-works.