India: Vizag Steel rejects pooled iron auction on higher price expectation
State-owned steel producer Vizag Steel conducted an auction for 1,050 t of pooled iron on 17 May'22. The entire quantity was booked at INR 49,000/t exw, sources informed SteelMint. The bid price decreased by INR 3,500/t compared to the previous auction held on 4 May. As per recent updates received from sources, all the lots got rejected by the company's management on higher price expectations.