India: SAIL Auction of Defective Billet Receives Improved Response

Steel Authority of India Limited (SAIL) conducted an auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 4th May '20. The auction fetched better response in terms of allotted quantity against the last auction conducted on 24 Apr'20.

Highlights of the auction are as follows:

Billet - Nearly 5440 MT Def. Billet and CC Billet put up for auction in which buyers actively participated and booked entire quantity at Rs 25,750-26,150/MT EXW.

Bloom- Total 14,164 MT Bloom-CC and Bloom-RL offered in which bids for 11,346 MT was at INR 22,150/MT EXW. However it was not approved by management so the lots were cancelled.

Slab- Out of 3,975 MT of CC Slab offered only 110 MT was sold out at INR 22,150/MT EXW.

With resumption of operations at plants, trades have picked up in domestic market. SteelMint's assessment for billet on 7th May'20 was recorded at INR 27,000/MT EXW Raipur.

A total quantity of 46,327 MT defective steel was put up for auction, out of which 16,148 MT (34.85%) material was sold and 30,178 MT remained unsold.

For complete details of all other product please click BSP Auction Summary dtd 04-05-2020