Rashtriya Ispat Nigam Limited (RINL), the public sector steel producer operating in Vizag, has failed to garner participation in its latest auction for sales of nut coke.
The most recent round for the sales of 5,300 MT nut coke was held yesterday, where two rakes (each carrying 2,650 MT) were offered for rail mode of auction.
However, despite envisaging a cut of INR 500/MT in the floor price, no bidder turned up for the auction and it was ultimately annulled. Incidentally, RINL had kept the starting price for the auction at INR 16,500/MT.
The prior rail auction had seen sale of one rake out of the two offered at a bid price of INR 17,000/MT, which was concluded on 8th Nov’19. Apparently, muted response from the buyers has resulted from lower demand and continuously falling coke prices in the market.
RINL’s upcoming auction is set to offer 5,000 MT nut coke for sale via road mode, which would be held on 30 Nov’19.
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