India: SAIL BSP's defective steel auction sees rise in bid prices by INR 1,250/t ($16/t)

Steel Authority of India Limited (SAIL) conducted an auction from its Chhattisgarh-based Bhilai Steel Plant (BSP) for defective steel products on 24 Dec'21. The bid prices for steel blooms increased by INR 1,250/tonne ($16.69/t) against the previous auction conducted on 16 Dec'21.

Around 15,064 t of defective steel were put up for auction, of which 69.23% of the material, equivalent to 10,430 t, got sold.

Bid prices improved following a slight uptick in steel prices along with fluctuating scrap prices in the domestic market. Scrap supply remains limited in the west, north and central regions. In addition, participants are expecting that prices in the near term are likely to remain range-bound.

SteelMint's daily steel billet index was assessed at INR 42,800/t exw-Raipur, on 24 Dec'21, up by INR 800/t, w-o-w.

Highlights:

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

For complete details of all other products, please click here->SAIL BSP Lot Approval 24-Dec'21