Steel Authority of India (SAIL) will conduct an auction for around 500 t of steel grade pig iron (by road) on 9 Sept’21 from its IISCO Steel Plant at Burnpur in West Bengal. The reason behind limited allocation by SAIL is low realisation as against semis and finished steel products. At the previous auction on 1 Sept, buyers booked the entire quantity of 1,000 t at INR 38,125/t exw, sources informed SteelMint. Bid prices decreased by around INR 1,500/t compared with the earlier auction on 18 Aug, which had concluded at a weighted average price of INR 38,700/t exw
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