India: SAIL BSP's defective steel auction sees bid prices up by INR 900/t ($12/t)

Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 29 Sept'21. The bid prices for steel blooms increased by INR 900/t ($10/t) against the previous auction conducted on 21 Sept'21.

Around 10,596 tonnes (t) of defective steel were put up for auction, of which 96.22% of the material, equivalent to 10196 t, got sold.

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

SteelMint's daily steel billet index was assessed at INR 43,700/tonne (t) (+INR 700 d-o-d) exw-Raipur on 29 Sept'21. The index continued to rise following strong demand in the spot market amidst optimistic trends. Sources are expecting further strengthening of offers with healthy orders in hand and an expected surge in sponge iron ore offers.

Highlights:

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

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