Pet Coke: IndianOil Conducts e-Auctions from Various Refineries

Indian Oil Corporation Ltd. (IOC), the country’s second-largest producer of petroleum coke, has conducted online auctions of RPC (Raw Petroleum Coke) from its various refineries in Bihar and Assam.

The auction was scheduled on 14th Nov’19 for intrastate consumers, while auctions for the leftover quantities were scheduled on 16th and 18th Nov’19 for outside state consumers.

The results of these auctions are enumerated as follows:

Entire quantities offered from each refinery were sold out at their respective reserve prices, as mentioned in the table above.

As there was no quantity left unsold in the first round of these auctions held for intrastate consumers, hence no further auction was conducted for outside state consumers.

Contrarily, however, IndianOil’s last two rounds of auction had received poor responses, wherein absolutely no stock was sold from any of the refineries, either in the intrastate or in the outside state auctions.

Market sources had largely attributed the reason for such lack of buying interest to prevailing low prices of calcined petroleum coke (CPC).

Notably, the reserve prices for RPC in IndianOil’s previous auctions were hardly attractive to the local calciners for producing CPC, even after the hefty price reductions offered in those auctions.

It appears that this time, a further round of reduction in reserve prices has finally attracted the online bidders and resulted in active participation for the entire stock that was offered.

The reduction in reserve price in this latest auction is as follows: