India: NMDC Nagarnar's Pig Iron Auction Sees No Bids, Low Viability Weakens Demand

On 24 Oct'24, NMDC's Nagarnar steel plant conducted an auction for 30,000 t of steel-grade pig iron at a base price of INR 36,000/t. However, no bids were received due to weak finished steel demand and low viability. In contrast, the previous auction on 17 Oct saw 25,000 t of the offered 32,000 t booked at an average price of INR 36,000/t.