India: Bids at SAIL's secondary steel auction continue to trend down

Steel Authority of India Limited (SAIL) had conducted an auction from its Bhilai Steel Plant (BSP) in Chhattisgarh for defective steel products on 17 Aug'21. The bid prices for steel bloom dropped by INR 920/t ($12/t) against the previous auction conducted on 9 Aug'21. The drop in bid prices was largely in line with the decline in spot prices.

A total of 13,243 tonnes (t) of defective steel had been put up for auction out of which 95.47%, ie, 12,644 t of the material, got sold, while 599 t remained unsold.

At the previous auction on 9 Aug'21, the share of the quantity that got sold out of the total material on offer was 91.91%.

SteelMint's daily billet index was assessed at INR 43,600/t exw-Raipur on 17 Aug'21. The index witnessed a fall following limited demand as buyers seemed cautious about booking material despite healthy transactions in the last two-three days.

Highlights of the auction:

Quantity in t
Price in INR/t on exw-Bhilai basis

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