Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 25 Feb’22. The bid prices for steel blooms increased by INR 1,140/tonne ($15.10/t) as against the previous auction conducted on 17 Feb.
Around 10,100 t of defective steel were put up for auction, of which 81.47% of the material, equivalent to 8228.95 t, got sold.
In this auction, around 880 t of billets were also sold at INR 49,200-50,250/t exw.
Bid prices improved following an uptick in steel prices amidst cost push from iron ore, coal and scrap. Scrap supply remains limited in the western, northern and central parts of the country.
SteelMint’s daily steel billet index was assessed at INR 50,300/t exw-Raipur, on 25 Feb’21, up by INR 800/t, w-o-w.
Highlights:
Quantity in tonne (t)
Price in INR/t on EXW basis
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