Indian Oil Corporation Ltd. (NSE: IOC) has completed its petroleum coke auction from Paradip refinery in Odisha on 22 May’19.
Details are enumerated below:
| Quantity offered | 100,000 MT |
| Quantity sold | 85,000 MT |
| Reserve price | INR 5,940/MT |
| Highest bid price | INR 5,940/MT |
| Delivery Period | 23 May’19 – 6 Jul’19 |
A total quantity of 85,000 MT pet coke was sold against the offer of 100,000 MT in this auction.
IndianOil has increased the reserve price by INR 230/MT to INR 5,940/MT in the current auction, from INR 5,710/MT in the previous auction which was held on 2 Apr’19.
Notably, the last auction had witnessed intense competition amongst the buyers, with the entire quantity of 70,000 MT sold out. Also, the highest bid price received was INR 1,090/MT more than the reserve price.
Thus, although there has been an increase in reserve price by INR 230/MT for the current auction, the realized bid price is comparatively much lower by INR 860/MT than the last auction.
Chhattisgarh-based cement companies have purchased 45,000 MT, while the remaining 40,000 MT was taken by customers located in Odisha.
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