Steel Authority of India Limited (SAIL) conducted an auction from its Bhilai Steel Plant (BSP) for defective steel products on 20 Jan’22. The auction fetched a comparatively better response than previous secondary steel auctions by SAIL, mainly on improved buying interest, sources said.
The bid prices for steel blooms increased by INR 500/tonne ($6/t) against the previous auction conducted on 12 Jan’22 but the company’s management cancelled all the blooms lots on expectations of higher prices.
Around 11,176 t of defective steel were put up for auction, of which 45.63% of the material, equivalent to 5,100 t, got sold. As compared with the previous auction, the success ratio has decreased by 41%.
Bid prices improved on active buying enquiries and transactions in semis and finished steel products during the last week, following which, suppliers raised their offers.
SteelMint’s domestic billet index rose to a three-month high on rising raw material costs.
SteelMint’s daily steel billet index was assessed at INR 46,200/t exw-Raipur, on 20 Jan’22, up by INR 1,350/t, w-o-w.
Quantity in t
Prices in INR/t on exw-Bhilai basis
For complete details of all other products, please click here->SAIL BSP Secondary Steel Auction Summary dtd 20 Jan’2022
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