The daily Davis Index for rebar in Raipur settled flat at Rs31,200/mt ($410.09/mt) ex-works. Rebar offers were at Rs31,200/mt, but buyers stayed away from bookings as many state governments have started sealing off boundaries to contain the spread of COVID-19.
Manufacturers too have started shutting shops as India heads towards a complete lockdown till March 31.The index for billet decreased marginally by Rs50/mt ($0.65/mt) and settled at Rs26,500/mt ($348.31/mt) ex-works Raipur on Monday from Friday.
In Mumbai the daily index for rebar settled unchanged at Rs33,400/mt ($439.01/mt) with mills shut till the month end.The daily Davis Index for billet in Mumbai fell by Rs50/mt and settled at Rs28,700/mt ($377.23/mt) ex-works.
In Mandi Gobindgarh, the index for ingot declined by Rs150/mt ($1.97/mt) to Rs29,800/mt ($391.69/mt) ex-works due to a fall in ferrous scrap prices on Monday from Friday.