Indian Oil Corporation Limited (IOCL) (NSE: IOC, BSE: 530965) has completed its petroleum coke auction from Paradip refinery in Odisha on 6 Dec’18.
The entire offered quantity of 90,000 MT pet coke was sold at higher than the reserve price in this auction. The highest bid was INR 130/MT higher than the reserve price. This indicates that pet coke demand is sufficient but prices have moved southward continuously in recent auctions.
IOCL had decreased the reserve price for this auction by INR 430/MT to INR 5,240/MT from INR 5,670/MT of the last auction which was held just less than a week back.
Notably, in the last auction conducted on 30 Nov’18, no bid was received and the entire offered quantity of 90,000 MT remained unsold. Therefore, this mid-term auction was conducted within a week.
The successful bidders are mostly major cement companies from Chhattisgarh and Odisha as well as few steel companies from Odisha. The successful bidders are required to uplift their allotted quantities within the delivery period, specified as 7 Dec’18 to 6 Jan’19.
Source: CoalMint Research
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