As COVID-19 cases continue to surge in parts of India, a major scrap and ingot market in India, Mandi Gobindgarh will stay shut till Tuesday. Subsequently, the market will follow a five-day week till July 26 at the minimum. On the weekends, trades will halt, documentation and bookings, if any, will be dispatched next week.
Along with the markets, induction and electric arc furnaces in Mandi Gobindgarh and the adjoining areas of Amloh are also set to reduce melting activity to minimal for the two-off days. Mandi Gobindgarh is estimated to have around 105-110 mills, while 50-60 mills are known to function in Amloh. Each mill has an estimated output of 200mt of ingots daily. The move is, therefore, estimated to hit ingot production in the country.
Markets stay shut in the South
Five districts, including Chennai in Tamil Nadu, continue to be under lockdown till June 30. A final announcement on extension is likely to be made soon. Amid the lockdown, production and ferrous scrap trades in Chennai continued to be affected. A similar situation also exists in the neighbouring state Telangana.