Steel Authority of India Limited (SAIL) conducted an auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 16 Jan’20.
Nearly 1066.3 MT defective billets were put up for auction but due to higher base price participation, not a single lot was sold. In the previous auction for billets conducted on 7 Jan’20, the price assessed at INR 30,150-31,000/MT (EXW-Bhilai). As per sources report to SteelMint, the auction attracted participation from only those buyers who were in need of immediate stock to run their plants.
In this auction, 11,312.8 MT of CC and RL-Blooms were put up for sale, out of which 3547.55 MT got booked at INR 24,950-25,250/MT EXW Bhilai against INR 24,610-26,110/MT in the last auction held on 07th Jan’20.
SteelMint’s assessment for Raipur billet has come down by INR 700-800/MT W-o-W amid fall in sponge offers.
A total quantity of 25,299.05 MT steel was put up for auction, out of which 9,348.45 MT (37%) material was sold and remaining 15,950.6 MT remained unsold.
| Description | Sold Quantity | Offered Quantity | Bid Price |
| Plate Cutting Cat-A | 1024.95 | 1024.95 | 33450-37450 |
| Plate Cutting Cat-B (8-20 MM) | 130.45 | 354.4 | 35600 |
| Plate Cutting Cat-B (>20 – 40 MM) | 232.05 | 232.05 | 36550-36800 |
| Plate Cutting Cat-B (> 40 MM) | 185 | 185 | 36700 |
| PM end Shearing Cat-I | 132 | 751 | 29150 |
| Merchant Mill Cutting | 406.8 | 758.25 | 29000 |
| TMT Bar Defective | 281 | 451 | 29160 |
| MM Cobble | 0 | 72 | 0 |
| Wire Rod Cutting | 0 | 360 | 0 |
| WR Coil Def. | 286.35 | 401.6 | 27150-33400 |
| Rail Cutting | 1000 | 1000 | 26400-26700 |
| Rails Def./Rej R-60 | 468 | 5308.25 | 26400 |
| Crane Rail Def, | 0 | 31.15 | 0 |
| Billet Def/Rej (Above 110) | 0 | 206.35 | 0 |
| Billet Def/Rej(Upto 110) | 0 | 859.95 | 0 |
| Bloom CC Def/Rej | 1420.4 | 9185.65 | 25250 |
| Bloom RL Def/Rej | 2127.15 | 2127.15 | 24950-25050 |
| Slab CC Def/Rej. | 489.3 | 489.3 | 26910-26960 |
| Steel Scrap 0-80 | 300 | 300 | 11450 |
| Steel Scrap OH Grade. | 440 | 440 | 16100-19100 |
| Tundish Steel Skull Scrap | 0 | 149 | 0 |
| Wear Scrap | 0 | 162 | 0 |
| Nonusable Low Grade Steel Melting -I | 400 | 400 | 11600 |
| Turning and Boring from RTS | 25 | 25 | 28000 |
| MS Turning and Boring | 0 | 25 | 0 |
| Grand Total | 9348.45 | 25299.05 |
Quantity in MT
Bid Prices in INR/MT in EXW basis
Source: SteelMint Research
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