India: Tata Steel's Pig Iron Auction Receives Bid Higher by INR 350/MT - Sources

TATA Steel's pig iron auction of 3,000 MT from its Bhushan Steel Plant fetched bids higher by INR 350/MT, SteelMint learned from market sources.

Company had offered a lot of 3,000 MT steel grade pig iron at a base price of INR 22,400/MT (USD 317) Ex-works (Angul, Odisha). Participants mentioned SteelMint that entire lot was sold at INR 22,750/MT ( USD 322) Ex-works.

Offers from other markets are assessed at INR 22,800-23,000/MT ex-Jajpur(Odisha), INR 23,000/MT ex-Bokaro (Jharkhand) & INR 23,200-23,400/MT ex-Durgapur, excluding of 18% GST.

Granulated pig iron offers are assessed at around INR 22,000/MT (USD 310) ex-plant in Odisha.

Tata Steel has manufacturing units at Jamshedpur, Jharkhand and Kalinganagar, Odisha with production capacities of 10 MnT and 3 MnT, respectively. In FY19, the Company initiated a 5 MnT expansion project at Kalinganagar to enhance its cumulative capacity to 8 MnTPA. Also in FY19 Tata Steel acquired Bhushan Steel Limited.