India: Bids Decline in SAIL's Auction for Defective Billets
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Steel Authority of India Limited (SAIL), conducted auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 18 Sept'19.
Out of 44,280 MT steel put up for auction, only 8,369 MT (18.9 %) material was sold and 35,911 MT remained unsold. The bids of billet were assessed at INR 25,235 -26,785/ MT, which is down by around INR 250-1000/MT compared to the previous auction held on 09 Sept'19. The decline in bids could be in line with recent fall domestic billet prices amid limited trades.
In this auction entire quantity (of Billet, MM Cobble, Merchant Mill, Plate, TMT Bar, and Slab ) got booked.
| Product | SOLD | UNSOLD | Bid Prices | Grand Total |
| BILLET | 1641.1 | - | 25,235-26,785 | 1641.1 |
| BLOOM | 752.85 | 30680.61 | 23,535 | 31433.46 |
| MERCHANT MILL | 726.25 | - | 25,950-26,450 | 726.25 |
| MM COBBLE | 50 | - | 23,635 | 50 |
| PLATE | 724.7 | - | 27,000-34,550 | 724.7 |
| RAILS | 2310 | 3922.1 | 23,535-23,650 | 6232.1 |
| SCRAP | 851 | 978.25 | 23,535-26,450 | 1829.25 |
| SLAB | 678 | - | 23,535-25,535 | 678 |
| TMT | 236 | - | 26,200-26,400 | 236 |
| WIRE ROD | 399.15 | 330.75 | 23,835-30,350 | 729.9 |
| Grand Total | 8369.05 | 35911.71 | 44280.76 |
Quantity in MT
Bid Prices in INR/MT
Source: SteelMint Research
