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 02 Sep'20. The auction noticed sharp increase of upto INR 1,500/t in bid prices compared to the last auction conducted on 24 Aug'20.

A total quantity of 16,931 t defective steel was put up for auction, out of which 16,106 t (95.12%) was sold and 825 t remained unsold. In previous auction held on 24 Aug'20, share of total sold quantity was around (70.83%).

SteelMint's price assessment for Raipur billet increased by around INR 400/t this week on the back of hike in iron ore prices.

Highlights of the auction are as follows:

Quantity in t
Price in INR/t on EXW basis

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