India: SAIL-BSP defective steel auction receives good response

Steel Authority of India Limited (SAIL) conducted an auction from its Bhilai Steel Plant (BSP) for defective steel products on 7 August 2023. The auction fetched a comparatively better response than previous secondary steel auctions by SAIL, mainly on improved buying interest, sources said.

SAIL-BSP conducted the auction for a total of 24,946 tonnes (t) of defective steel products in August. Out of total material, around 11,655 t of material were sold, as approved by the management. The material auctioned is mixed in nature, comprising CC blooms, billets, plates, TMT bars, rails, CC slabs, wire rod cuttings and also steel scrap. For more detail about auction catalogue please click here

Overall, the auction received decent bids, backed by strong demand especially for scrap amid its slight shortage in the Raipur market.

About Raipur billet index

The index remained reasonably stable at 41,750/t as trade activity remained weak in yesterdays' trading session. Participants remained wary of fluctuating offers in the semi-finished category. This has caused buyers to remain in a wait-and-watch position. Hence, the neighbouring markets were also not supportive.

Monthly average prices of Raipur billets

July-41,255/t
June-43,646/t
May-44,203/t

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