India: Bids in SAIL Defective Billet Auction Fall Upto INR 500/MT (USD 7)

Steel Authority of India Limited (SAIL), conducted auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 24th Jul'19.

Out of 45,257.53 MT steel put up for auction, only 5,007.4 MT (11%) material was sold out which is also lower by 54% as against last auction considering equivalent quantity.

The base prices of billets for this auction by SAIL (BSP) was kept at INR 26,050-26,300/MT, which is down by INR 400-500/MT compared to previous auction held on 13th Jul'19 in which average base price was at INR 26,750/MT; ex-plant, Bhilai.

However only merchant mill product managed to get concluded by 100% in previous auction as major buyers was notified merchant re-rollers due to high grade advantage as the material was blast furnace grade.