Steel Authority of India Limited (SAIL) conducted an auction from its central India-based Bhilai Steel Plant (BSP) for defective steel products on 29 May’21. The auction fetched a better response on improved buying interest, sources said.
Around 15,179 tonne (t) of defective steel was put up for auction, in which 79.82% or 12,116 t was sold out.
Bid prices for blooms moved up by INR 1,000 /t and for billets by 2,100/t against the previous auction conducted on 21 May’21.
Sources said that since the offered quantity of blooms and billets was less in the auction, the prices had improved.
Indian mills are hopeful that steel demand will improve going forward as some key states are likely to ease lockdown restrictions. For instance, the Delhi government is allowing manufacturing and construction activities to commence from 1 Jun’21. Similarly, the UP government is likely to relax Covid curbs starting this week. Another key state, Maharashtra, from the steel consumption standpoint, has extended the lockdown by another 15 days but is likely to announce some relaxations starting 1 Jun’21. Most of the southern states of India continue to be under lockdown.
SteelMint’s daily billet index is assessed at INR 42,050/t (+INR 400/t), exw-Raipur, on 1 Jun’21. The index rallied on account of improved trade on positive cues, with the primary steel mills announcing hike in prices, coupled with higher prices of raw materials.
Highlights of the auction:
Quantity in t
Price in INR/t on exw-Bhilai basis
For complete details of all other products, please click here =>SAIL-BSP approval summary
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