India: SAIL Keeps Base Price Stable in Pig Iron Auction; Fetches Good Response

Steel Authority of India Ltd (SAIL) - India's govt. owned steel maker has received better response in today's auction for 7,850 MT steel grade pig iron from its Rourkela Steel plant (RSP) located in eastern India.

As per participants in today's auction around 5,000 MT (64%) material has been booked out of the offered quantity of 7,850 MT, at the base price of INR 27,450-27,500/MT ex-plant, Rourkela.

As per participants, the response was good in today's auction as base price of pig iron was competitive in comparison with private mills, which offers in neighbouring markets hovering at INR 27,300-27,500/MT ex-Jajpur, INR 27,000-27,400/MT ex-Cuttack (Odisha), INR 28,200-28,500/MT ex-Jharkhand & INR 28,300-28,700/MT ex-Durgapur.

In the last auction held on 26th Apr'19, the producer had quoted base prices at INR 27,450/MT ex-plant, in which near to 1,500 MT (16%) material was booked out of offered quantity of 9,350 MT.

Steel Authority of India Ltd (SAIL), is India's govt. owned steel maker has an annual installed capacity of over 21 MnT. The producer have its plants in Central, East, South & Western India.