SAIL conducted an auction for 4,000 MT basic grade pig iron from its Rourkela Steel Plant (RSP). The auction received good response as the entire quantity was booked at INR 23,400-23,500/MT EXW. Bid price increased by INR 900/MT against last auction which was held on 23rd May’20 for 3,000 MT and was settled at a weighted average price of INR 22,600/MT EXW.
Sources mentioned that few more furnaces in central & eastern India are planninng to resume operations in the near short term which may raise pig iron demand further. This resulted in strong response in RSP auction.
In addition to this, recent hike in offers made by private pig iron producers has some how supported the auction. Offers of steel grade pig iron through the private producers is hovering at INR 24,300-500/MT EXW-Raipur, INR 24,100-24,300/MT EXW-Raigarh, INR 23,600-800/MT EXW-Bokaro, INR 23,700-24,000/MT EXW-Durgapur & INR 26,400-500/MT FoR Ludhiana.
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