The daily Davis Index for rebar in Raipur settled flat at Rs31,200/mt ($409.12/mt) ex-works amid the nationwide lockdown. The daily index for billet settled at Rs26,500/mt ($347.49/mt) ex-works Raipur, also flat.
Most secondary steel producers have five to seven times the usual semi-finished steel inventories piled up as sales have come to a standstill. These mills are eager to sell their products in overseas markets and offered competitive prices.
South African ports will stay open for trade of all goods despite the country going into lockdown. The move comes as a respite for sponge iron manufacturers who depend on coal from South Africa along with domestic coal. Earlier, sponge makers were fearing supply disruption of coal once Indian markets reopen.
In Mumbai the daily index for rebar remained flat and settled at Rs33,400/mt ($437.97/mt) with no trades. The daily Davis Index for billet in Mumbai and settled at Rs28,700/mt ($376.34/mt) ex-works, also unchanged.
In Mandi Gobindgarh, the daily index for ingot remained unchanged at Rs29,800/mt ($390.76/mt) ex-works.