India: Tata Steel Pig Iron Auction Receives Moderate Response

TATA STEEL-BSL, Angul, Odisha (formerly known as Bhushan Steel Limited) conducted e-auction of pig iron on 26 Nov'19. The company offered 7 lots of steel grade pig iron of 300 MT each at a base price of INR 22,650/MT (USD 315.5) Ex-plant, Angul, Odisha.

According to market sources report to SteelMint, out of 7 lots offered only 3 lots (900 MT) fetched bids.

Prior to this, TATA Steel has conducted auction on 21 Nov'19 for 3,000 MT pig iron in which 1800 MT was sold at price of INR 22,750/MT (USD 317) Ex-plant. Thus in latest auction the company had lowered base price by INR 100/MT.

In line with this, offers through the private mills slightly drop and currently reported for steel grade at INR 22,600-22,800/MT ex-Jajpur(Odisha), INR 23,700-24,000/MT ex-Durgapur, INR 23,400-23,600/MT ex-Bokaro(Jharkhand), INR 23,800-24,000/MT FoR Raigarh & INR 24,000-24,100/MT FoR Raipur; excluding of GST.