Steel Authority of India Limited (SAIL), conducted auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 09 Sept’19.
Out of 44,598 MT steel put up for auction, only 12,681 MT (28.4 %) material was sold and 31,917 MT remain unsold. The bids of billet were kept at INR 26,235 -27,035/ MT, which is up by around INR 1,500-2000/MT compared to the previous auction held on 29 Aug’19. Hike in domestic billet prices in India’s secondary market must have been the reason behind the increase in bids.
In this auction entire quantity (of Billet, MM Cobble, Merchant Mill, Plate, TMT Bar, and Slab ) got booked.
| Product | Sold Quantity | Unsold Quantity | Bid Prices | Total Quantity Offered |
| BILLET | 1914.65 | – | 26,235 -27,035 | 1914.65 |
| BLOOM | 1177.75 | 29489.16 | 23,535 | 30666.91 |
| MERCHANT MILL | 922.85 | – | 25,700-28,600 | 922.85 |
| MM COBBLE | 100 | – | 23,535 | 100 |
| PLATE | 1575.95 | – | 24,500-31,600 | 1575.95 |
| RAILS | 3667.1 | 1270 | 23,535-23,685 | 4937.1 |
| SCRAP | 1370 | 841.25 | 12,100-26,250 | 2211.25 |
| SLAB | 515.05 | – | 23,535-26,035 | 515.05 |
| TMT BAR | 235 | – | 26,250-26,450 | 235 |
| WIRE ROD | 1202.5 | 317.05 | 23,685-32,850 | 1519.55 |
| Grand Total | 12,680.85 | 31,917.46 | 44,598.31 |
Quantity in MT
Bid Prices in INR/MT
Source: SteelMint Research
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