India: SAIL Auction for Defective Billets Fetch Bids Higher Upto INR 600/MT
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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 07 Nov'19
Out of 54,706.12 MT steel products put up for auction, only 10,683.85 MT (19.7 %) material was sold and 44,022.27 MT remained unsold.
The bids of billet in this auction were assessed at INR 25,750-26,100/ MT, higher by around INR 250-600/MT compared to the previous auction held on 30 Oct. Increase in bids is owing to increase in semi-finished steel prices in the domestic market since the beginning of Nov'19 on improved trades and demand. SteelMint's billet assessment for Raipur has moved up by INR 400/MT since the beginning of Nov'19.
In this auction entire quantity (of Merchant Mill, Billet, TMT Bar, and MM COBBLE) got booked.
| Product | Sold Quantity | Unsold Quantity | Bid Prices | Grand Total |
| BILLET | 1767.25 | - | 25,750-26,100 | 1767.25 |
| BLOOM | 1688.2 | 33001.61 | 23,050-23,100 | 34689.81 |
| MERCHANT MILL | 229.7 | - | 25,700-25-800 | 229.7 |
| MM COBBLE | 152 | - | 23,250-24,400 | 152 |
| MS TURNING AND BORING | 213.62 | 71.46 | 11,375-19,150 | 285.08 |
| PLATE | 3843.68 | 707.5 | 24,850-32,450 | 4551.18 |
| RAILS | 800 | 8637.5 | 23,850-24,200 | 9437.5 |
| SCRAP | 225 | 499 | 14,700-25,550 | 724 |
| SLAB | 1188.65 | 710.95 | 23,050 | 1899.6 |
| TMT BAR | 183 | - | 26,150 | 183 |
| WIRE ROD | 392.75 | 394.25 | 23,450-26,150 | 787 |
| Grand Total | 10683.85 | 44022.27 | 54706.12 |
Quantity in MT
Bid prices in INR/MT on ex-Bhilai
Source: SteelMint Research
