Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 17 Feb’22. The bid prices for steel blooms increased by INR 510/tonne ($6.85/t) against the previous auction conducted on 9 Feb’22.
Around 10,192 t of defective steel were put up for auction, of which 68.42% of the material, equivalent to 6,974 t, got sold.
In this auction, around 900 t of billets were also sold at INR 47,550-48,900/t exw.
Bid prices improved following a slight uptick in steel prices along with fluctuating scrap prices in the domestic market. Scrap supply remains limited in the western, northern and central parts of the country. In addition, participants expect that prices in the near term will remain range-bound.
SteelMint’s daily steel billet index was assessed at INR 47,700/t exw-Raipur, on 17 Feb’21, up by INR 700/t, w-o-w.
Highlights:
Quantity in t
Price in INR/t on EXW basis
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