India: SAIL BSP's defective steel auction sees sharp decline in bids

Steel Authority of India Limited (SAIL) had conducted an auction from its Bhilai Steel Plant (BSP) in Chhattisgarh for defective steel products on 27 April 2022. The bid prices for steel blooms dropped by INR 2,350/t ($30/t) against the previous auction on 19 April.

The decline in bid prices was largely in line with the decrease in spot prices seen earlier this week.

At the auction, buyers booked around 4,097 t of continuous cast blooms at a weighted average price of INR 50,200/t exw and around 1,300 t of plate end shearing at INR 52,000/t exw.

As per latest updates, the company's management has approved all the above prices.

A total of 15,049 t of defective steel was put up for auction out of which 53.72%, i.e. 8,085 t got sold while the remaining 6,964 t was rejected by the company's management on expectation of a higher bid price.

SteelMint's daily billet (100mm, IF) index was assessed at INR 55,200/t exw-Raipur on 27 April.

Highlights:

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

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