India: SAIL Pig Iron Auction Receives Good Response Over Reduced Base Price

Steel Authority of India Ltd (SAIL) conducted auction for around 1,800 MT steel grade pig iron today from its Rourkela steel plant (RSP). The auction witnessed active participation over reduction in base price by INR 700/MT (USD 10).

SteelMint learned from its reliable sources that the total offered quantity got booked at base price of INR 26,300-26,400/MT EXW-Rourkela. The improved response in today's auction is attributed to competitive base price in comparison to private mills & traders as well in neighboring markets.

The fresh offers through private mills & stockiest are reported at INR 26,200-26,500/MT ex-Durgapur/Jharkhand, INR 27,300-27,500/MT ex-Raipur, INR 27,200-27,400/MT ex-Raigarh, INR 28,000-28,200/MT FoR Hyderabad & INR 29,300-29,500/MT FoR Ludhiana.

In the last auction conducted by SAIL RSP on 02 Mar'20, about 95% of the offered material remained unsold at INR 27,000/MT EXW-Rourkela, out of the the offered quantity of 1,950 MT.