Steel Authority of India Limited (SAIL) conducted an auction from its Bhilai Steel Plant (BSP) for defective steel products on 16 Jun’21. The auction fetched a comparatively better response than previous secondary steel auctions by SAIL, mainly on improved buying interest, sources said.
A total of 13,017 tonnes (t) of defective steel was put up for auction out of which 95.08% — 12,377 t — of the material got sold.
Bid prices for CC bloom moved up by INR 1,050 /t, while for billets bids were stable compared to the previous auction on 8 Jun.
With the monsoons approaching, steel demand is unlikely to be high; however, mills expect pent-up demand – after the lifting of regional lockdowns across the country –to translate into sales. As a result, secondary mills have started stocking up on raw materials like ferrous scrap. Interestingly, these mills had been scouting for quality ferrous scrap for the last few months. SAIL’s periodic auctions of secondary and defective scrap are offering them an opportunity to secure access to quality material.
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 dtd 16-June
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