India: Bids plunge by up to INR 1,700/t ($23) in SAIL’s recent pig iron auctions

Govt. owned – Steel Authority of India Ltd (SAIL) conducted three pig iron auctions today for around 8,650 t from Bhilai, 8,550 t from Bokaro & 2,000 t from its Burnpur Steel Plant. As per sources, bids fell by around INR 1,500-1,700/t compared to the previous auctions. Auction from Bhilai fetched weighted average bids at INR 30,400/t, Bokaro at INR 29,200/t & Burnpur at INR 29,450/t exw.