Steel Authority of India Limited (SAIL) conducted an auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 24 Apr’20.
Highlights of the auction are as follows:
• Billet – Despite reduction in base price by about INR 4000/MT against previous auction the company was unable to fetch bids for billet lots. Total 5,061 MT defective billets was put up for auction and company started the auction at INR 25,500/MT but no response was received from the bidders, as buyers were anticipating further cut in prices. In the previous auction conducted on 17 Mar’20, base price was INR 29,450/MT but no material was booked
• Bloom – Nearly 7,675 MT Bloom-CC & RL was also put up for auction and opening price was INR 24,600/MT but no bids were received.
In this auction, total quantity of 43,259 MT defective steel was put up for auction, out of which 8,387 (19.38%) material was sold and remaining 34,872 MT remained unsold. With mills suspending or curtailing operations due to lock-down, the participation in e-auction was limited.
To view complete details of auction please click – BSP Auction summary 24 April
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