India: SAIL Pig Iron Auction Receives Dull Response Despite Reduction in Base Price

Steel Authority of India Ltd (SAIL) - India's govt. owned steel maker conducted e-auction for 9,500 MT steel grade Pig iron today from its Rourkela Steel plant (RSP) based in eastern India.

The company has reduced price by around INR 200/MT for today's auction. As per participants, the company has kept base price at INR 26,950/MT for today's auction which was at INR 27,100/MT, ex-plant in the previous auction conducted on 14th Mar'19 for 7,300 MT.

However despite significant drop in base prices, the response remained poor as only 2,900 MT pig iron have been booked at the base price and remaining about 70% (6,600 MT) material remained unsold.

RSP's previous auction held on 14th Mar'19 received better response as nearly 3,000-3,200 MT (42%) material was sold out at the base price of INR 27,100/MT (ex-plant) and remaining about 4,200 material remained unsold.

source: SteelMint