India: Bids fall marginally in SAIL's auction of defective steel

Indian govt. owned Steel Authority of India Limited (SAIL) conducted an auction from its central India based Bhilai Steel Plant for defective steel products on 10 Nov'20. The auction noticed marginal decrease in bid prices compared to the last auction conducted on 02 Nov'20.

A total quantity of 15,571.75t defective steel was put up for auction, out of which 12,219.3t (78.47%) was sold and 3,352.45 t remained unsold. In previous auction held on 02 Nov'20, share of total sold quantity was around (96.55%)

SteelMint's price assessment for Raipur billet rebounded after declining to INR 32,000/t exw Raipur. Billet index increased and stood at INR 34,100/t exw Raipur on 13 Nov'20. Prices have rebounded following hike in sponge offers.

Highlights of the auction are as follows:

Quantity in t
Price in INR/t on EXW basis

For complete details of all other product please click here=>Auction Summary