India’s largest iron ore miner – National Mineral Development Corporation (NMDC) had scheduled iron ore e-auction from its Karnataka mines on 02nd June.
The major highlights of the auction are as follows:
— The total quantity put to auction was 400,000 MT and the entire quantity was booked. Out of the total quantity of 400,000 MT, fines contributed 70% of total i.e 280,000 MT while the remaining 120,000 MT was lumps.
— This miner kept the base prices unchanged against the last auction. Last month company had decreased its floor prices by around INR 300-400/MT in both lumps and fines, depending on grades for Karnataka e-auctions.
— The auction received flat bids i.e at base price. JSW Steel booked a major chunk of the material at 340,000 MT followed by Arjas Steel Private Ltd at 36,000 MT, BMM Ltd at 20,000 MT Cement Corporation of India 4,000 MT.
— The base price and bid price for fines (Fe 60.5-64%) stood at INR 1,568-1864/MT (Ex-mines, Royalty, DMF, and NMET excluded) and for lumps (Fe 62.5%) the base price stood at INR 2,499 (Ex-mines, Royalty, DMF, and NMET excluded).
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