India: SAIL BSP defective steel auction bid prices down INR 850/t ($11/t)

Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 13 Sept'21. The bid prices for steel blooms decreased by INR 850/t ($11/t) against the previous auction conducted on 2 Sept'21.

Around 9,737 tonnes (t) of defective steel were put up for auction, of which 96.14% of the material, equivalent to 9,362 t, got sold.

SteelMint's daily billet index was assessed at INR 41,700/t exw-Raipur, on 13 Sept'21. The index remained under pressure as market participants lowered bids amidst bearish trends today, following healthy purchases in the last couple of days. Buyers were in no hurry whatsoever and quoted bids that were around INR 300-400/t lower than prevailing offers.

Highlights:

Quantity in t
Price in INR/t on exw-Bhilai basis

For complete details of all other products, please click here->BSP Lot approval report