- Sluggish finished steel demand weighs on market sentiment
- Buyers remain cautious at higher offers, pulling bids down
SAIL-Rourkela Steel Plant (RSP) conducted a pig iron auction on 28 September, offering 5,000 t, with the entire quantity booked at an average price of INR 41,400/t. The auction price declined by INR 500/t compared with the previous auction, reflecting weaker market conditions and subdued buying interest.
In the previous auction held on 18 August, RSP had offered 2,000 t, with the entire quantity booked at an average price of INR 41,900/t. This was INR 3,140/t higher than the 26 August auction, when 4,000 t was booked at an average price of INR 38,760/t.
Market participants noted that availability remains a concern, but limited demand during the previous week weighed on overall sentiment. Buyers remained cautious, which pressured auction prices. Despite the full quantity being booked, the INR 500/t decline indicates softer market sentiment and cautious buying interest.
Leave a Reply