The daily Davis Index for rebar in Raipur settled flat at Rs32,800/mt ($443.4/mt) ex-works. Ahead of the Indian festival of Holi, unavailability of daily labourers affected trades on Monday.
The daily Davis Index for billet settled unchanged at Rs28,650/mt ($387.27/mt) ex-works Raipur from Friday. Trades for billet too were thin in Mumbai.
Pellet sponge iron prices in Raipur rose to Rs18,300-18,400/mt, up by Rs200-300/mt from March 6.
In Mumbai, the daily Davis Index for rebar settled unchanged at Rs35,100/mt (474.46/mt) ex-works.
The Maharashtra state government has recently cut its stamp duty on properties by 1pc for the next two years. This could lift the demand for steel as housing projects rise.
Like Indian steelmakers, finished steel users are also mulling to reduce their dependence on China after the Covid-19 outbreak. Steelmakers believe this could give domestic steel demand a push in the near term.
A few large Indian steelmakers continued to fill up the void in export markets before steel from China floods global markets.