Steel Authority of India Ltd (SAIL) – state owned Indian steel maker conducted auction today (5th Jan’19) for sale about 9,400 MT Steel grade Pig iron from its Rourkela Steel plant (RSP) in eastern India.
In the auction held today, the producer has cuts base prices by INR 750/MT (USD 11) to INR 27,200/MT than the previous auction on 27th Dec’18.
As per sources, the company had offered about 9,400 MT Pig iron today in which about 4,500 MT was sold out at the base price of INR 27,200/MT, while remaining about 52% (4,900 MT) material remain unsold.
The auction has received average response as in the last auction the company were unable to sale any of quantity due to competitive/cheaper offers through the private – local producers.
The company’s last auction was held on 27th Dec’18 in which about 10,000 MT steel grade pig iron was offered and the total quantity was unsold.
SAIL has installed capacity to produce about 21 MnT steel per annum and has set an expansion target of 50 MnT by 2030-31 and plans a greenfield and brownfield expansion.
— In recent on 3rd Jan’19, Neelchal Ispat (NINL) also reduced Pig iron prices by INR 500/MT to INR 27,400/MT for Steel grade Pig iron. NINL is the largest pig iron producer in India with an production capacity of about 1.1 MnT per annum.
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