Steel Authority of India Limited (SAIL) conducted an auction from its Bhilai Steel Plant (BSP) for defective steel products on 8 Jun’21.The auction generated a better response compared to the previous auction on improved buying interest, sources said.
A total of 18,403 t of secondary defective steel was on offer out of which 92.21% i.e. 16,970 t of material got sold.
Bid prices for continuous cast (CC) steel bloom moved up by INR 650 /t and the rise was INR 1,550/t for billet against the previous auction conducted on 29 May.
Prices of induction furnace grade (IF) billet in Raipur have been volatile since the second week of May, dropping from INR 44,000/t levels to a little above INR 40,000/t in end-May. Prices recovered to around INR 43,600/t in the first week of Jun, to fall back again to a little over INR 42,000/t on 9 Jun. Prices of billet and sponge iron produced by secondary manufacturers, which had been losing INR 1,000-1,500/t since the end of last week, have limited scope for further correction, SteelMint notes.
Highlights of the auction are as follows:
Quantity in t
Price in INR/t on EXW Bhilai basis
For complete details of all other products, please click here =>BSP lot approval details
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