Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 6 May 2022. Bid prices for steel blooms increased by INR 1,050/t ($13/t) against the previous auction conducted on 27 April 2022.
The key factor attributed to the sharp increase in prices is the rise in semi-finished products prices in most regions amidst power outages. Demand for semis picked up in northern and central markets due to tight supply. The near-term price outlook may be positive, trade sources informed SteelMint.
Overall semis demand remains subdued at present as finished steel demand is quite dull despite adjusted trade discounts through the resellers.
Around 13,965 tonnes (t) of defective steel were put up for auction. Buyers actively participated and booked 86.61%, equivalent to 12,096 t.
Four lots of CC-billets were also offered which received bids at INR 54,050-54,300/t exw.
SteelMint’s daily steel billet index was assessed at INR 55,400/tonne (t) exw-Raipur on 6 May.
Highlights:
Quantity in t
Prices in INR/t on exw-Bhilai basis
For complete details of all other product please click here
Leave a Reply