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 on 24th and 26th Jun’20 for outside state consumers.
Details of the auctions are enumerated as follows:
| Refinery | Quantity Offered Outside State (t) | Quantity Sold Outside State (t) | Reserve Price (INR/t) | Bid Price (INR/t) |
| Barauni (Gr.A) | 6,210 | 13,970 | ||
| Bongaigaon (Gr.A) | 17,940 | 13,700 | ||
| Guwahati (Gr.A) | 13,610 | |||
| Digboi (G.rA) | 8,050 | 13,250 | ||
| Koyali (Gr.A) | 22,920 | 1,500 | 12,840 | 12,840 |
| TOTAL | 55,120 | 1,500 | ||
The delivery period for these e-auctions is for 45 days from completion.
The auctions received poor responses from calciners located outside state. Only 1,500 t was sold out at Koyali refinery, while no bid was received for Barauni, Bongaigaon and Digboi refineries.
Market participants indicated that such poor response was received due to subdued demand for RPC from various calciners which in turn is dependent upon demand for calcined pet coke (CPC) by the aluminium industry, besides the reserve price.
The total quantity sold out in intrastate and outside state auctions from various refineries is as follows:
| Refinery | Total Quantity Offered (t) | Quantity Sold Within State (t) | Quantity Sold Outside State (t) | Total Quantity Sold (t) |
| Barauni (Gr.A) | 7,340 | 1,130 | 1,130 | |
| Bongaigaon (Gr.A) | 19,940 | 2,000 | 2,000 | |
| Guwahati (Gr.A) | 9,000 | 9,000 | 9,000 | |
| Digboi (G.rA) | 8,500 | 450 | 450 | |
| Koyali (Gr.A) | 22,920 | 1,500 | 1,500 | |
| TOTAL | 67,700 | 12,580 | 1,500 | 14,080 |
As the overall performance at these refineries has been considerably poor, excepting at Digboi, market participants expect the next round of auction to be held sooner than the normal time gap given between two auctions to avoid accumulating high stock at those refineries.
It is also understood from the market participants that 1,500 t of RPC from Koyali was bidded by Goa Carbon. Other major calciners from outside state like RAIN CII, Sanvira industries have not bid in these auctions, specifically from Bongaigaon, Barauni and Koyali from where they have uplifted pet coke in past auctions.
By Aditya Sinha
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