India: SAIL BSP's defective steel auction sees bid prices up by INR 1,650/t ($21/t)

Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 9 Oct'21. The bid prices for steel blooms increased by INR 1,650/t ($21/t) against the previous auction conducted on 29 Sept'21.

Around 14,684 tonnes (t) of defective steel were put up for auction, of which 97.24% of the material, equivalent to 14,280 t, got sold.

In Sept'21 BSP had sold 34,948 t (in four auctions) defective steel and before that, in Aug'21, around 32,700 t.

SteelMint's daily steel billet index is assessed at INR 48,700/tonne (t) (+INR 2,400) exw-Raipur on 11 Oct'21. The index registered a sharp surge on account of renewed buying, with a sufficient number of deals being concluded for finished products, especially wire rods, in the last two-three days. Hence, buying activity remained strong, which influenced producers to keep prices strong.

Highlights:

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

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