SAIL's Defective Bloom and Billet Auction Receives Dull Response on Subdued Demand
Steel Authority of India (SAIL) recently conducted auction from its Bhilai Steel plant for defective steel products on 1st Jul'19. Out of 44,685 MT steel put up for auction, only 10,480 MT (23.45%) was sold. Bids for billets lowered by INR 100-200/MT against last auction. Bids for billets were reported at INR 27,300-27,650/MT (ex-Bhilai).
As per participants, bidders were interested to procure material as per the requirement rather to book in bulk due to uncertain market directions where prices of substitute commodities have continued downtrend. This resulted in limited participation in tender & cautious buying.
Steel grade pig iron is considered as the substitute commodity against melting scrap whose prices drifted down by INR 700/MT W-o-W & INR 2,000/MT M-o-M, as per price assessment made by SteelMint.
Whereas, local melting scrap (HMS 80:20) & end cutting prices fell by around INR 500-700/MT on weekly basis & INR 2,000-2,500/MT on monthly basis amid weak demand in finish steel.
source: SteelMint
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