Indian steel semis market remained quiet under the COVID-19 lockdown on Wednesday. The daily Davis Index for ingot in Mandi Gobindgarh remained unchanged at Rs29,800/mt ($391.02/mt) ex-works as mills continue to remain shut and no trades were reported.
The state government of Punjab directed power Corporation (PSPCL) to provide relief by slashing power tariff to all the domestic and commercial consumers which includes round the clock power supply to be provided and monthly bill upto Rs10,000 payable on or after March 20 has been extended till April 20 without levying late payment charges. Additionally, 1pc rebate will be given to the consumers paying bills through digital modes by original date. Mills, however, cited that it is difficult to ascertain the impact of relief granted on production.
The daily index Index for rebar in Mumbai remains unchanged and settled at Rs33,400/mt ($438.26/mt). The daily Davis Index for billet in Mumbai and settled at Rs28,700/mt ($376.59/mt) ex-works.
The daily Davis Index for rebar in Raipur remains unchanged and settled at Rs31,200/mt ($409.39/mt) ex-works. The daily index for billet also remains unchanged and settled at Rs26,500/mt ($347.72/mt) ex-works Raipur.