India: Bids at SAIL's secondary steel auction drop on falling spot prices

Steel Authority of India Limited (SAIL) had conducted an auction from its Bhilai Steel Plant (BSP) in Chhattisgarh for defective steel products on 9 Aug'21. The bid prices for steel bloom dropped by INR 880/t ($11/t) against the previous auction conducted on 28 Jul'21. The drop in bid prices was largely in line with decline in spot prices.

A total of 9,402 tonnes (t) of defective steel had been put up for auction out of which 91.91%, i.e. 8,642 t of the material got sold, while 760 t remained unsold.

At the previous auction on 28 Jul'21, the share of the quantity that got sold out of the total material on offer was 81.08%.

SteelMint's daily billet index was assessed at INR 42,700/t exw-Raipur on 9 Aug'21, lower by INR 900/t w-o-w. The index trended lower owing to sinking bids quoted by market participants.

Highlights of the auction:

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

For complete details of all other products, please click here -BSP approved-rejected lot status