India: SAIL Auction of Defective Steel 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 15 May'20. The auction witnessed a better response in terms of allotted quantity.

In this auction total 30,282 MT defective steel was put up for auction, out of which 24,009 MT (79.28%) material was sold and 6,273 MT remained unsold.

In previous auction held on 4 May'20 the share of booked quantity was around 34.85%.

Highlights of the 15 May'20 auction are as follows:

Bloom- A total of 10,718.55 MT Bloom-CC and Bloom-RL put up for auction, out of which buyers booked 9,170.1 MT at INR 22,100-23,500/MT EXW. In previous auction held on 4 May'20 total 14,164 MT Blooms was offered in which bids were put up for in 11346 MT at INR 22,150/MT EXW, but BSP management cancelled the lots.

Billet - One lot of billet was offered but it failed to receive interest of the buyers and lot got closed with no bid. In previous auction nearly 5,440 MT defective Billet and CC Billet put up for auction in which buyers actively participated and booked entire quantity at INR 25,750-26,150/MT EXW.

In recent auction, a total of 1,407.4 MT slab-CC also sold out at INR 22900-23400/MT EXW.

With gradual resumption of operations at some plants, trades have been seen to be picking up in domestic market. SteelMint's assessment for Raipur billet stands at INR 26,850/MT EXW Raipur, up by INR 500-600/MT W-o-W.

For complete details of all other product please download - BSP 15-May