State-owned steel behemoth Steel Authority of India Ltd (SAIL) booked 15,000 t of prime steel grade pig iron on 23 Nov’20 from its Bhilai Steel Plant (BSP). The entire quantity was booked at a weighted price of INR 30,250/t (ex-works), sources informed SteelMint.
The bids increased by INR 250/t compared to the previous BSP pig iron auction conducted on 12 Nov’20.
SAIL has clocked over 50,000 t of pig iron (steel grade) sales through e-auctions in Oct ’20 – the highest so far in one month. Numbers are likely to be higher in November.
Since the launch of the e-auctions in June’20, SAIL has booked over 180,000 t of steel grade pig iron from its Bokaro, Rourkela, Bhilai, Burnpur and other plants.
SteelMint assessed steel grade pig iron (ex-works Durgapur) prices at INR 30,300/t on 23 Nov’20. Prices are staying firm due to tight availability of pig iron in the merchant market and a challenging raw materials scenario.
Shortage of especially iron ore lumps have pushed prices to INR 8,150/t in Odisha (10-30mm, Fe 63%, BF grade) – up 12.3% week-on-week – as assessed by SteelMint.
Likewise sponge iron and ferrous scrap prices are hovering at around 2-year highs. SteelMint assessed sponge prices at INR 24,800/t (PDRI, ex-works Raipur) on 23 Nov’20 – up by INR 3,600/t month-on-month.
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