Prices across India remained unchanged with the COVID-19 lockdown keeping mills shut and hence, trades closed.
The daily Davis Index for rebar in Raipur remained unchanged at Rs31,200/mt ($408.91/mt) ex-works. The daily index for billet also remained unchanged at Rs26,500/mt ($347.31/mt) ex-works Raipur.
The daily index for rebar in Mumbai was unchanged at Rs33,400/mt ($437.74/mt); while the daily Davis Index for billet in Mumbai settled at Rs28,700/mt ($376.59/mt) ex-works.
The daily Davis Index for ingot in Mandi Gobindgarh remained unchanged at Rs29,800/mt ($390.56/mt) ex-works, as mills continue to remain shut.
Odisha’s extended COVID-19 lockdown until April end could result in the tightened supply of iron ore for sponge iron makers. The state is one of the largest producers of iron ore and primary steel players like Tata Steel, JSPL and Sail have manufacturing facilities in the state.
These players have already decided to scale down production by 50-60pc in order to cope with reduced demand following the lockdown. JSPL has made no official announcement, so far, on suspending production.