SAIL’s pig iron auction conducted today for 3,800 MT steel grade pig iron from its Rourkela Steel plant (eastern India) has received quite dull response as close to 85% material remained unsold due to higher base price in comparison with private mills.
As per sources, in today’s auction the company had kept base price at INR 27,250/MT (ex-mill) and near to 500-600 MT (14-15%) material has been booked by local furnaces and remaining about 85% material get unsold.
The reason behind weak response shared by market participants was higher base prices by RSP in comparison with private mills which offers in surrounding markets in which offers are hovering at INR 26,000-27,000/MT ex-works.
— Mesco Steels in Jajpur, Odisha is heard to have trading steel grade Pig iron at INR 26,200/MT ex-plant.
— NINL’s (Neelachal Ispat) last offers for steel grade pig iron was at INR 26,500-26,900/MT ex-plant, Cuttack, Odisha.
— Jharkhand based Atibir Industries has reported steel grade pig iron offers at INR 27,000-27,200/MT ex-plant.
— In Durgapur the offers by Neo Metaliks for steel grade pig iron is hovering at INR 27,000-27,200/MT ex-plant.
Prior to this, RSP’s last auction was held on 31st May’19 for 3,000 MT steel grade pig iron, out of which the total offered quantity was sold out with an increase in bid price by INR 50-100/MT to INR 27,300-27,350/MT ex-plant.
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