Steel Authority of India limited conducted an auction from its central India based Bhilai Steel Plant for defective steel products on 17 Jul’20. The auction witnessed increase in prices compared to the last auction conducted on 08 Jul’20. Prices of billet & blooms have increased by INR 500-1500/t against previous auction.
A total quantity of 17,680t defective steel was put up for auction, out of which 15,960t (90.27%) was sold and 1,720t remained unsold. In previous auction held on 08 Jul’20 share of total sold quantity was around 31.75%.
It is to be noted that in previous auction buyers had booked entire offered quantity but due to price being less than previous auction, company rejected some lots. Notably, lots containing defective bloom CC and billets (upto 110) did not receive approval.
Domestic billet prices in Raipur increased by around INR 600/t from beginning of Jul’20 till mid Jul’20 on the back of increased inquiries and supply tightness.
Highlights of the auction are as follows:
| Description | Offered quantity | Bid price | Approved quantity | Approved Price | Previous auction | Change |
| Billet Def/Rej (above 110) | 106.4 | 26600 | 106.4 | 26600 | 0 | 0 |
| Billet Def/Rej (upto 110) | 40 | 27100 | 40 | 27100 | 26550 | + 550 |
| Bloom CC Def/Rej. | 10486.54 | 22,450-23,550 | 10486.54 | 22,450-23,550 | 21600-22050 | + 1500 |
| Bloom RL Def/Rej. | 296.95 | 24,500-25,100 | 296.95 | 24,500-25,100 | 23800-24000 | + 1100 |
For complete auction summary please BSP Summary 17-July
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