Leading state-owned long steel producer, Vizag Steel, conducted an auction for 3,900 t of basic grade pig iron on 1 Feb’22. The base price was set at INR 43,500/t but buyers showed no interest and the auction closed without a single bid being placed. At the steelmaker’s previous pig iron auction on 19 Jan, only one lot was booked at INR 41,550/t exw.
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