India: SAIL's auction of defective steel observes sharp 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 28 Jul'20. The auction noticed sharp increase of upto INR 1,600/t in bid prices compared to the last auction conducted on 17 Jul'20.

A total quantity of 18,027 t defective steel was put up for auction, out of which 17,015 t (94.38%) was sold and 1,012 t remained unsold. In previous auction held on 17 Jul'20 share of total sold quantity was around 90.27%.

SteelMint's price assessment for Raipur billet increased significantly last week by around INR 1,500/t following active demand from pipe makers and surge in sponge prices.

Highlights of the auction are as follows:

For complete auction summary please click BSP auction summary auction dtd 28 Jul'20