The daily Davis Index for rebar in Raipur rose by Rs400/mt ($5.26/mt) to Rs34,100/mt ($448.5/mt) ex-works from last Friday amid moderate demand.
Monnet Ispat restarted operation at its Raipur manufacturing facility on Friday. The company had suspended operation at Raipur and Raigarh plants after a nationwide lockdown declared by the government of India to contain the spread of Covid-19.
Secondary steel producers in Central India are forced to operate on lower capacity amid a shortage of labour and transportation. In Raipur, the index for billet remained unchanged at Rs27,100/mt ex-works. Pellet sponge prices were at Rs15,300-15,400/mt ex-works.
In Mumbai, the Davis Index for rebar remained unchanged at Rs34,300/mt ex-works amid limited trade. The index for billet rose by Rs150/mt to Rs28,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot fell by Rs200/mt at Rs30,450/mt ex-works due to fall in scrap prices.