India: Bids fall sharply at pig iron auction by Jharkhand-based private mill

A Bokaro-based private steel plant conducted an auction for 3,000 t of steel grade pig iron on 16 Nov’21. As per trade sources, the auction concluded at around INR 40,500-40,600/t ex-plant, with bids falling sharply by INR 1,400-1,500/t compared to an earlier auction held last week.

• Steel grade pig iron prices fell by INR 1,500/t, w-o-w, on account of poor offtake amidst declining steel prices.