Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 9 Feb’22. The bid prices for steel blooms increased by INR 420/tonne ($5.58/t) against the previous auction conducted on 31 Jan’22.
Around 9,756 t of defective steel were put up for auction, of which 64.35% of the material, equivalent to 6,278 t, got sold.
In this auction, around 650 t of billets were also offered in which bids were received at INR 46,500-46,900/t but the company’s management did not approve the price on higher expectations.
Bid prices improved following a slight uptick in steel prices along with fluctuating scrap prices in the domestic market. Scrap supply remains limited in the west, north and central of the country. In addition, participantts are expecting that prices in the near term are likely to remain range-bound.
SteelMint’s daily steel billet index was assessed at INR 47,000/t exw-Raipur, on 9 Feb’21, down by INR 600/t, w-o-w.
Highlights:
Quantity in t
Prices in INR/t on exw-Bhilai basis
For complete details of all other products, please click here->BSP lot approval summary
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