India: SAIL's auction of defective steel observes marginal increase in bid prices

Steel Authority of India Limited conducted an auction from its central India based Bhilai Steel Plant for defective steel products on 12 Sep'20. The auction noticed sharp increase of upto INR 300/t in bid prices compared to the last auction conducted on 02 Sep'20.

A total quantity of 12,607 t defective steel was put up for auction, out of which 10,185 t (80.78%) was sold and 2,422 t remained unsold. In previous auction held on 02 Sep'20, share of total sold quantity was around (95.12%).

SteelMint's price assessment for Raipur billet remained largely range-bound throughout the week and stood at INR 29,550/t ex-Raipur.

Highlights of the auction are as follows:

Quantity in t
Price in INR/t on EXW basis

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