The daily Davis Index for rebar in Mumbai fell by Rs900/mt ($12.14/mt) to settle at Rs34,200/mt (461.41/mt). Trades declined as the rising number of COVID-19 in India has affected logistics and production.
Mills plan to cut production by 50pc as inventories have started piling up. Construction projects in Mumbai have come to standstill impacting demand for steel.
The daily Davis Index for billet in Mumbai decreased by Rs500/mt ($6.74/mt) and settled at Rs30,000/mt ($404.74/mt) ex-works with deals reported at the index price.
In Raipur, the daily Davis Index for rebar fell by Rs900/mt and settled at Rs32,000/mt ($431.71/mt) ex-works driven by a fall in billet prices and sluggish finished steel demand.
The daily index for billet decreased by Rs1,000/mt ($13.49/mt) and settled at Rs27,500/mt ($371.01/mt) ex-works Raipur due to a fall in pellet sponge iron prices.
Pellet sponge iron prices in Raipur settled at Rs17,400-17,500/mt on Monday, down by Rs500/mt from Friday.
In Mandi Gobindgarh, the daily index for ingot fell by Rs1,000/mt to Rs29,950/mt ($404.07/mt) ex-works as ferrous scrap prices also declined.