Steel Authority of India Limited (SAIL) conducted an auction from its Bhilai Steel Plant (BSP) for defective steel products on 12 Jan’22. The auction fetched a comparatively better response than the previous secondary steel auctions by SAIL, mainly due to improved buying interest, sources said.
The bid prices for steel blooms increased by INR 800/tonne ($10/t) against the previous auction conducted on 4 Jan’22.
Around 10,245 t of defective steel were put up for auction, of which 87.35% of the material, equivalent to 8,950 t, got sold. As compared with the previous auction, the success ratio has been increased by 8%.
Bid prices improved on active buying enquiries and transactions in semi-finished and finished steel products during the start of this week, following which, suppliers raised their offers.
SteelMint’s daily steel billet index was assessed at INR 44,850/t exw-Raipur, on 12 Jan’22, up by INR 1,150/t, w-o-w.
Highlights:
Quantity in t
Prices in INR/t on exw-Bhilai basis
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