- Auction prices rose by INR 1,500/t, supported by firm buyer participation.
- Tight domestic availability continued to underpin pig iron market sentiment despite weak demand.
SAIL-BSP successfully concluded its auction for 4,940 t of steel-grade pig iron on 21 July 2026, with the entire offered quantity booked at an average price realisation of INR 38,000/t exw. The auction opened with an initial bid of INR 37,550/t and concluded at an average booking price of INR 38,000/t, reflecting firm bidding activity throughout the session. Compared to the previous auction held on 22 June 2026, where 1,950 t was fully booked at INR 36,500/t exw, the latest auction registered a price increase of INR 1,500/t, indicating stronger buyer participation and improved market sentiment.
The higher price realisation reflected buyers’ willingness to secure material despite the seasonal slowdown in steel consumption. Tight domestic availability of steel-grade pig iron and limited spot supplies encouraged active participation in the auction, allowing prices to strengthen over the previous sale.
The broader pig iron market remained slow to moderate as monsoon-related disruptions continued to weigh on construction activity and finished steel demand. Procurement by secondary steelmakers remained strictly need-based, keeping spot market activity subdued. However, constrained domestic pig iron availability continued to support prices, with supply-side tightness outweighing weak consumption fundamentals and keeping auction sentiment firm.
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