SAIL conducted an auction from Bokaro Steel Plant on 13 Jan for 3 rakes (8,550 t) of pig iron. The auction closed with no bids, despite a reduction in reserve price by INR 1,300/t to around INR 34,000/t exw. The previous auction was concluded at INR 35,300/t on 6 Jan’21, as per participants. Reduced offers by private plants and expectations of weaker price trends in the future prompted buyers to take positions amidst sufficient availability with them.
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