India’s largest iron ore miner – National Mineral Development Corporation (NMDC) and other private merchant miners from Karnataka had scheduled iron ore e-auction on 09th June.
The major highlights of the NMDC auction are as follows:
— Total quantity put up for auction was 103,000 MT and the 94% quantity has been booked. Out of the total quantity fines occupied share of 66% of the total (i.e 64,000 MT) while the remaining 33,000 MT was lumps.
— The auction received a bid of INR 130 above-set base price for Fe 62.97 lumps but other grades of fines and lumps received flat bids i.e at base price. JSW Steel booked 74% of the total iron ore offered (out of which 64,000 fines and 8,000 MT lumps) and the rest 25,000 MT iron ore lumps was booked by other steel plants.
— The base price and bid price for fines (Fe 59.5-61.09%) stood at INR 1,282 -1,417/MT (Ex-mines, Royalty, DMF, and NMET excluded) respectively and for lumps (Fe 62.97-63.97%) the base price stood at INR 2,350-2,461/MT (Ex-mines, Royalty, DMF, and NMET excluded).
Overview of iron ore put to auction by merchant miners-:
In another iron ore e-auction held on the same day 09th June, merchant miners of Karnataka put their raw material on auction.
Its highlights are as follows:
— Material offered was by Veerabhadrappa Sangappa & Company, Ramanadurga Iron Ore Mine, Zeenath Transport Company, Vedanta Ltd, and R. Praveen Chandra. Out of the total quantity put up for auction, 324,000 MT iron ore received bids.
— The lot of lumps (Fe 60%) offered from Vedanta Ltd. fetched bids above base price by upto INR 500/MT.
— JSW Steel was again the largest buyer and booked 220,000 MT, out of which fines was 168,000 MT and 52,000 MT lumps.
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