India: SAIL BSP's defective steel auction sees bid prices rise by INR 750/t ($10/t)

Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 21 Sep'21. The bid prices for steel blooms increased by INR 750/t ($10/t) against the previous auction conducted on 13 Sep'21.

Around 6,681 tonnes (t) of defective steel were put up for auction, of which 93.78% of the material, equivalent to 6,266 t, got sold.

SteelMint's daily steel billet index was assessed at INR 42,750/t (+INR 550/t) exw-Raipur on 20 Sept'21. The index increased sharply on improved demand. Last week, trade activities were paused due to the festive mood, SteelMint had reported. Hence, with resumption of activities, spot trade has improved rigorously, resulting in a spike in prices.

Highlights:

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

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