Steel Authority of India Limited (SAIL) had conducted an auction from its Bhilai Steel Plant (BSP) in Chhattisgarh for defective steel products on 9 Aug’21. The bid prices for steel bloom dropped by INR 880/t ($11/t) against the previous auction conducted on 28 Jul’21. The drop in bid prices was largely in line with decline in spot prices.
A total of 9,402 tonnes (t) of defective steel had been put up for auction out of which 91.91%, i.e. 8,642 t of the material got sold, while 760 t remained unsold.
At the previous auction on 28 Jul’21, the share of the quantity that got sold out of the total material on offer was 81.08%.
SteelMint’s daily billet index was assessed at INR 42,700/t exw-Raipur on 9 Aug’21, lower by INR 900/t w-o-w. The index trended lower owing to sinking bids quoted by market participants.
Highlights of the auction:
Quantity in t
Price in INR/t on exw-Bhilai basis
For complete details of all other products, please click here –BSP approved-rejected lot status
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