Out of 2.04 MnT iron ore offered, nearly 0.45 MnT iron ore managed to receive bids from the bidders.
Department of Mines & Geology (DMG), Government of Goa conducted 18th iron ore e-auction today (22 Nov’16). Offered quantity comprised of 2.04 MnT iron ore. Total quantity to be auctioned is 2.04 MnT via 78 lots. Out of the total quantity to be auctioned, 1.68 MnT was ROM, 0.28 MnT was fines, 0.07 MnT was lump and a single lot of 0.01 MnT of fines/lump.
Base prices remained unchanged at INR 500/MT for all material type across all grades.
Grade of ROM offered ranged from Fe 27.6-64.6%. Fines offered ranges from Fe 38.3-62%. Grade of lump offered in the e-auction varied from Fe 39.8-65.7%. Single lot of fines/lump offered is of grade – Fe 54.8%.
According to market sources report to SteelMint, nearly 0.45 MnT iron ore was booked by the bidders, thus nearly 25% of the offered quantity managed to receive participation from bidders. ROM being offered in comparatively higher quantity was sold the most.
Lots containing high grade iron ore fetched higher bids – An e-auction participant shared that lots containing high grade iron ore received bids upto three times the base price. And some lots were sold at base price.
Lots containing ROM (Fe 62.1% and 62.6%) located at SFI Cuddegal plant received bids at INR 1,500-1,600/MT against base price of INR 500/MT.
Leave a Reply