India’s largest iron ore miner – National Mineral Development Corporation (NMDC) had scheduled iron ore e-auction from its Karnataka mines on 23rd April’20. The total quantity put up for auction was 68,000 MT and the entire quantity got booked. The miner had lowered base price by upto INR 500/MT for Apr ’20.
JSW Steel stood the sole buyer of the material in the auction. All the material offered was sold out at base prices. The total quantity of material consisted of 64,000 MT of lumps and remaining 4000 MT stood iron ore fines. The base price and bid price for fines (Fe 58.58%) stood at INR 1,510/MT (Ex-mines, Royalty, DMF, and NMET excluded).
Iron ore e-auction by SMIORE
Another e-auction was conducted in Karnataka on 23rd April’20 by SMIORE for 874,000 MT iron ore. The material of 64,000 MT received bids and entirely at base price. Out of the total booked quantity of 64,000 MT iron ore, 60,000 MT stood iron ore fines while remaining 4000 MT stood lumps. The base price and bid price for lumps (Fe 60.2%) stood at INR 2,575/MT (Ex-mines, Royalty, DMF, and NMET excluded).
JSW Steel ltd booked a major chunk of material i.e 60,000 MT fines while remaining 4000 MT lumps booked by Akshara Industries Limited.
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