Vizag Steel, a state-owned steel producer, conducted an auction for 1,050 t of pooled iron on 24 May. The total quantity was reserved at INR 44,000/t exw. According to a recent update, the company’s management has rejected all the lots because of high price expectations. The previous auction on 17 May which received bids at INR 49,000/t exw was also rejected.
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