Steel Authority of India Limited (SAIL) had conducted an auction from its Bhilai Steel Plant (BSP) in Chhattisgarh for defective steel products on 17 Nov’21. A total of 23,041 tonnes (t) of defective steel had been put up for auction out of which only 34.56%, ie, 7,964 t of the material, got sold, while 15,077 t remained unsold. As per data maintained with SteelMint the success ratio of SAIL-BSP’s auction is at a 9-month low. The bid prices for steel blooms dropped by INR 1,234/t ($16/t) against the previous auction conducted on 8 Nov’21. The drop in bid prices was largely in line with the decline in spot prices brought on by the fall in sponge iron prices as well as weaker steel demand.
The entire offered quantity of bloom-cc was booked at a weighted average price of INR 37,500/t exw. But the company’s management has approved only those which were booked at above INR 38,050/t exw.
SteelMint’s daily billet index was assessed at INR 42,000/t exw-Raipur on 17 Nov’21. Limited buying interest in the finished steel market has put further pressure on billet prices.
Highlights:
Quantity in t
Prices in INR/t on exw-Bhilai basis
For complete details of all other products, please click here->Approval Summary
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