Steel Authority of India Limited (SAIL) had conducted an auction from its Bhilai Steel Plant (BSP) in Chhattisgarh for defective steel products on 6 Dec’21. The bid prices for steel blooms dropped by INR 600/t ($7/t) against the previous auction conducted on 26 Nov’21. The drop in bid prices was largely in line with the decline in spot prices seen earlier this week.
Buyers actively participated and booked around 5,937 t of bloom-cc out at a weighted average price of INR 36,100/t exw. At the previous auction, the same material was booked at 36,700/t exw.
In this auction around 2,000 t of plate side searing materials were booked at INR 36,300/t and 3,100 t of plate-end shearing at 38,250/t exw.
In a recent update received from sources, the company’s management has approved all the above prices.
A total of 22,460 t of defective steel had been put up for auction out of which only 76.09%, ie, 17,090 t, got sold, while 5,370 t remained rejected by the company’s management on higher price expectations.
SteelMint’s daily billet (100mm, IF) index was assessed at INR 39,700/t exw-Raipur on 6 Dec’21. Limited buying interest in the finished steel market has put further pressure on billet prices. Furthermore, the index fell to almost a one-month low on 6 Dec’21.
Highlights:
Quantity in t
Prices in INR/t on exw-Bhilai basis
For complete details of all other products, please click here->SAIL BSP Approval sheet 6 Dec’21
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