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 14 Aug'20. The auction noticed sharp increase of upto INR 2,000/t in bid prices compared to the last auction conducted on 05 Aug'20.

A total quantity of 12,356t defective steel was put up for auction, out of which 11,757t (95.15%) was sold and 599t remained unsold. In previous auction held on 05 Aug'20, share of total sold quantity was around (93.93%).

SteelMint's price assessment for Raipur billet increased significantly last week by around INR 1,300/t following hike in sponge offers amid tight availability.

Highlights of the auction are as follows:

For complete auction summary please click here =>BSP auction summary auction dtd 14 Aug'20