India: SAIL's Pig iron Auction Receives Good Response on Increase Base Price

Steel Authority of India Ltd (SAIL) - state owned Indian steel maker conducted auction for Steel grade Pig iron today for sale of about 6,100 MT Pig iron from its Rourkela Steel plant (RSP) based in eastern India.

As per participants, RSP has received good response in this auction as total offered quantity have been sold out with an increase in base price by INR 200/MT (USD 3).

The company had quoted base prices for the pig iron auction at INR 27,000/MT and the majority of material fetched bids at around INR 27,100-27,150/MT (ex-plant), as per participants.

As per sources, major quantity has been purchased through the local market based traders.

It seems that the company has received overwhelming response on account of competitive price range as similar offers are being through the local private producers and NINL (Neelachal Ispat) as well. NINL on 13th Feb'19 has increased its Steel grade prices by INR 750/MT to INR 26,750-27,150/MT ex-plant, Cuttack, eatern India.

Prior to this, RSP's pig iron tender was held on 9th Feb'18 in which the response was quite dull as about 67% material was unsold of the allotted quantity at 10,000 MT at the base price of INR 26,800/MT ex-plant.