India: Bids climb at SAIL-BSP's defective steel auction on firm buying interest

Steel Authority of India Limited (SAIL) conducted an auction from its Bhilai Steel Plant (BSP) for defective steel products on 12 Jan'22. The auction fetched a comparatively better response than the previous secondary steel auctions by SAIL, mainly due to improved buying interest, sources said.

The bid prices for steel blooms increased by INR 800/tonne ($10/t) against the previous auction conducted on 4 Jan'22.

Around 10,245 t of defective steel were put up for auction, of which 87.35% of the material, equivalent to 8,950 t, got sold. As compared with the previous auction, the success ratio has been increased by 8%.

Bid prices improved on active buying enquiries and transactions in semi-finished and finished steel products during the start of this week, following which, suppliers raised their offers.

SteelMint's daily steel billet index was assessed at INR 44,850/t exw-Raipur, on 12 Jan'22, up by INR 1,150/t, w-o-w.

Highlights:

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

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