Indian state owned steel maker Steel Authority of India Ltd (SAIL) pig iron auction received good response on reduced base prices by INR 900/MT (USD 14) as against company’s last auction.
SAIL had scheduled an auction for sale about 12,000 MT steel grade pig iron from its Rourkela plant. The auction’s bid due date was scheduled today i.e. 7th June 2018.
As per participants, RSP has received good response in this auction and company have been sold out almost total quantity at 11,500 MT out of the offered material at 12,000 MT. The material have been sold at the base price of INR 28,500/MT (ex-plant), participants reported.
Prior to this, RSP’s tender was held on 31st May which were failed to attract participation and as per reports the company were able to sell only 400 from the aloted quantity of 7,400 MT at the base price of INR 29,400/MT ex-plant.
It seems that with competitive price by NINL has forced SAIL to reduce there base prices in line to fetch good bookings.
Neelachal Ispat Nigam Limted (NINL) in recent fresh price circular had reduced prices by around INR 1,100/MT (USD 16.5) to INR 28,500-28,900/MT for Steel (N1) grade. The material offered on ex-plant, Cuttack & excluding GST.
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