MSTC Limited, on behalf of Indian Oil Corporation Limited (IOCL), has scheduled an e-auction for selling 70,000 MT of Raw Petroleum Coke from the Paradip refinery of IOCL, on 2 Jan’19.
Salient features of the e-auction are enumerated as follows:
Prospective bidders are required to submit pre-bid earnest money deposit (EMD) amount of INR 10,00,000 to participate in this e-auction irrespective of their intended bid quantity.
Minimum bid quantity for customers is 10,000 MT.
Reserve price would be declared in live auction.
Notably, the quantity in this auction is lower than previous auctions, which is usually approx. 90,000MT.
As the demand of pet coke has picked up, and the quantity on offer is also less, it will be interesting to watch the response in this auction with regard to increase of bid price over reserve price, besides selling of full quantity.
Major cement companies from Odisha and Chhattisgarh, Jharkhand and some steel industries are expected to participate in the auction.
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