India: SAIL's defective steel auction receives bids lower by INR 1,500/t ($20)

Steel Authority of India Limited conducted an auction from its central India based Bhilai Steel Plant for defective steel products on 27 Nov '20. The auction received lower bids compared to the last auction conducted on 19 Nov '20.

A total quantity of 26,500 t defective steel was put up for auction, out of which 24,854 t (93.78%) was sold and remaining 1,646 t, left unsold. In previous auction held on 19 Nov'20, 97% of total quantity was sold.

Highlights of the auction are as follows:

Quantity in t
Price in INR/t on exw basis

For complete details of all other products, please click here=>BSP auction summary

SteelMint's billet index fell from INR 35,300/t (as on 20 Nov'20) to INR 34,150/t exw Raipur (as on 26 Nov '20) due to limited buying inquiries and fall in sponge prices. However towards end of last week, prices have again started strengthening.

SteelMint Billet Index (exw. Raipur) = Rs 34,600 (+150)