India: Vizag Steel's Pig Iron Auction Receives No Participation

Rashtriya Ispat Nigam Limited (RINL), state owned steel maker under the Ministry of Steel, had invited auction from the interested parties for sale of 3,500 MT Pig iron on 24 Mar'20.

Each lot of auction had about 250 MT Pig iron and the base price for the auction was set at INR 25,000/MT EXW-Vizag, southern India.

As per trade source report to SteelMint, there was no participation in this auction. Also due to lockdown in the country over COVID-19 outbreak, the major buyer prefer to be in 'wait & watch' mode.

Prior to this, the company had conducted auction for 1,000 MT pig iron on 19 Mar'20, but due to low bid price, the auction was not concluded.