Trades for ingots and billets remained sluggish in most Indian secondary steel markets as local lockdown restrictions have disrupted market sentiment. The daily Davis Index for billet in Raipur slipped by Rs500/mt ($7/mt) to Rs41,300/mt ($552/mt) ex-works on Monday from Friday, due to limited enquiry.
The state government of Chhattisgarh has extended lockdown in its capital, Raipur, till May 6. Demand for finished products remained low.
Offers for pellet sponge iron remained flat at 29,300/mt ($392/mt) ex-works Raipur. The daily index for rebar settled unchanged at Rs47,000/mt ($629/mt) ex-works.
In Mumbai, the index for billet increased by Rs200/mt at Rs41,700/mt ex-works following a rise in rebar prices. The index for rebar up by Rs200/mt at Rs49,500/mt ex-works.
In Mandi Gobindgarh, the index for ingot decreased by Rs400/mt to Rs44,000/mt ex-works amid similar decline in local scrap prices. Strict lockdown restrictions in Punjab and neighbouring areas has hit demand.