SAIL conducted auction for 2,500 t steel grade pig iron today from its Rourkela Steel Plant (RSP). The auction received overwhelming response as the entire quantity got booked at INR 25,900-26,000/t EXW against the last auction on 16 Jul, which was settled on a weighted average price of INR 24,400/t EXW. Tight domestic supplies and surge in billet prices have resulted in hike in pig iron prices.
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