India: SAIL Auction for Defective Steel Products Observes Limited Participation over High Base Price
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Steel Authority of India Limited (SAIL) conducted an auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 25 Jan'20.
Nearly 2,288.3MT defective billets was put up for auction out of which entire quantity got booked.The bids of billet (up to 110) were assessed at INR 29,500/MT(EXW-Bhilai).
Except billet rest all lots received limited participation due to higher base price.As per sources report to SteelMint, the auction attracted participation from only those buyers who were in need of immediate stock to run their plants.
SteelMint's price assessment for Raipur billet remained volatile last week as prices fell towards weekend to INR 30,000/MT ex-Raipur after increasing towards beginning of the week.
A total quantity of 29,202.2 MT steel was put up for auction, out of which 9,491.7 MT (32%) material was sold and remaining 19,711 MT remained unsold.
| Description | Sold Quantity | Unsold Quantity | Bid Price | Grand Total |
| Plate Cutting Cat-A | 596.4 | 0 | 33250-33350 | 596.4 |
| Plate Cutting Cat-B (8-20 mm) | 0 | 353.1 | 0 | 353.1 |
| Plate Cutting Cat-B(> 20 - 40 mm) | 120.65 | 0 | 36350 | 120.65 |
| PM End Shearing Cat-I | 133 | 989 | 28800 | 1122 |
| MM-Cutting | 0 | 1133.9 | 0 | 1133.9 |
| TMT Bar Defective | 174 | 170 | 29200 | 344 |
| MM Cobble | 57 | 72 | 28300 | 129 |
| Wire Rod Cutting | 0 | 578 | 0 | 578 |
| WR Coil Def. | 127.35 | 241.8 | 35100-35550 | 369.15 |
| Rail Cutting | 600 | 600 | 26550 | 1200 |
| Crane Rails | 31.15 | 0 | 46200 | 31.15 |
| Rails Def/Rej R-60 | 1453.6 | 3868.85 | 25950 | 5322.45 |
| Billet Def/Rej (Above 110) | 226 | 206.35 | 28600 | 432.35 |
| Billet Def/Rej (UPTO 110) | 2288.3 | 0 | 29500 | 2288.3 |
| Bloom CC Def/Rej. | 1492 | 11048.5 | 24950 | 12540.5 |
| Bloom RL Def/Rej. | 1049.25 | 0 | 25150-26350 | 1049.25 |
| Slab CC | 617.95 | 0 | 26950 | 617.95 |
| Steel Scrap 0-80mm | 300 | 0 | 12600 | 300 |
| Steel Scrap occ Skulls | 0 | 100 | 0 | 100 |
| Steel Scrap OH Grade | 200 | 0 | 18050 | 200 |
| Tundish Steel skull | 0 | 149 | 0 | 149 |
| Wear Scrap | 0 | 150 | 0 | 150 |
| Turning & Boring from RTS | 0 | 25 | 0 | 25 |
| MS Turning & Boring | 25 | 25 | 22550 | 50 |
| Grand Total | 9491.65 | 19710.5 | 29202.15 |
Quantity in MT
Bid Prices in INR/MT in EXW basis
Source: SteelMint Research
