Steel Authority of India Limited (SAIL) conducted an auction from its central India based-Bhilai Steel Plant (BSP) for defective steel products on 21 May ’21. Bid prices for bloom-cc decreased by INR 1,800/tonne (t) against the previous auction conducted on 11 May’21.
A total volume of 24,800 t of defective steel was put up for auction, out of which 22,531 t (90.84%) was sold and 2,269 t remained unsold. In the previous auction, held on 11 May’21, the share of the total sold quantity was 100%.
Two lots of billets (above 110 mm ) were also offered for sale, of which, the first lot received bids at INR 39,200/t and the second lot at INR 38,500/t, but the BSP management did not approve it.
Indian spot steel prices corrected sharply on 21 May’21 on increasing selling pressure on mills as several states extended the lockdown till the first week of June’21. It was learnt that some big mills in the eastern region shut down their rolling facilities and are offering billets in the merchant market, concerned by rising inventories. This is likely to add more supplies of billets in the market which would put sponge and pellet prices under pressure. . SteelMint’s daily billets and scrap (end cutting) index stood at INR 41,900/t ex-Raipur, down by INR 1,800/t week-on-week (w-o-w).
Highlights of the auction:
Quantity in t
Prices in INR/t on ex-Bhilai basis
For complete details of all other products, please click here =>BSP Approval Summary
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