India: Bid prices rise INR 10,650/t ($138/t) in SAIL-BSP defective steel auction

Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 11 Mar'22. The bid prices for steel blooms increased by INR 10,650/tonne ($138.75/t) as against the previous auction conducted on 25 Feb.

Around 9,223 t of defective steel were put up for auction, of which 66.48% of the material, equivalent to 6,132 t, got sold.

In this auction, around 1,230 t of billets were also sold at INR 59,000/t exw. Bids for re-rolling flat steel scrap were not approved by the company's management due to some technical difficulty faced by buyers in the bidding session.

Bid prices improved following an uptick in steel prices amidst cost-push due to increasing prices of iron ore, coal and scrap. Scrap supply remains limited in the western, northern and central parts of the country.

SteelMint's daily steel billet index was assessed at INR 59,500/t exw-Raipur, on 11 Mar'22, up by INR 9,200/t, w-o-w.

Highlights:

Quantity in tonne (t)
Price in INR/t on EXW basis

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