India: SAIL Auction for Defective Billet and Blooms Receives Improved Response

Steel Authority of India Limited (SAIL) conducted an auction from its central India based Bhilai Steel Plant (BSP) for defective steel products on 20 Feb’20. The auction fetched better response in terms of allotted quantity against the last auction conducted on 12 Feb’20. Bids remained similar to previous auction.

Out of 2,592.1 MT defective billets put up for auction three lots containing 687.9 MT was booked at INR 29,450/MT EXW. In the previous auction conducted on 12 Feb’20 total 120 MT of billet was booked at INR 29,450/MTEXW.

Out of 9,924.1 MT of CC Blooms put up for auction on 20 Feb’20, 4,824.1 MT got booked at INR 24,750/MT EXW.

SteelMint's assessment for Raipur billet has come down by INR 700-800/MT W-o-W amid fall in sponge offers.

A total quantity of 31,050.16 MT steel was put up for auction, out of which 8,285.63 MT (27%) material was sold and 22,764.53 MT remained unsold.