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India: Bids shoot up by INR 2,350/t ($32) in SAIL's defective steel auction

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BigMint Bureau

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13 May 2021, 14:10 IST

India: Bids shoot up by INR 2,350/t ($32) in SAIL's defective steel auction

Steel Authority of India Limited (SAIL) conducted an auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 11 May '21. The bid prices for bloom-cc increased by INR 2,350/tonne (t) against the previous auction conducted on 30 Apr'21.

A total quantity of 16,995 t of defective steel was put up for auction, and the entire material got sold out. In the previous auction too, conducted on 30 Apr, BSP sold out 100% of its defective steel.

Highlights of the auction are as follows:

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

For complete details of all other products, please click here =>BSP Approval summary

The Indian steel market continues to witness a significant growth and is optimistic on the short to medium terms. SteelMint's daily billet index was assessed at INR 44,100/t (+300) ex-Raipur on 12 May'21. India's steel production saw a 20% decrease in Apr '21 due to the ongoing lockdowns and oxygen availability issues. It is expected that the production could fall further in May as smaller mills are reportedly operating at 40-50% capacity mainly due to subdued.