India: SAIL Further Cuts Base Price in Pig iron Auction; Fetches Average Response

Steel Authority of India Ltd (SAIL) - India's govt. owned steel maker conducted e-auction for 5,900 MT steel grade Pig iron today from its Rourkela Steel plant (RSP) located in eastern India.

The company has sharply reduced base prices by INR 500/MT (USD 7) than the previous auction which was held on 20th Mar'19 for 9,500 MT.

In today's pig iron auction, the company has kept base price at INR 26,450/MT, ex-plant. As per sources despite sharp reduction in base prices, the company has managed to sell nearly 2,200-2,300 MT pig iron and remaining 62-63% (3,600-3,700 MT) material remained unsold.

The participants in today's pig iron auction were stockiest from nearby markets who deal with local furnaces in Odisha.

RSP's previous auction held on 20th Mar'19 received dull response as nearly 2,900 MT (30%) material was sold out at the base price of INR 26,950/MT (ex-plant) and remaining about 6,600 MT pig iron remained unsold.