Metal Scrap Trade Corporation (MSTC), a Government of India Enterprises has declared the e-auction results for NMDC and various mines, held from 24 Jan to 31 Jan, 2014.
From total quantity of 1.1 MnT of Iron ore offered in this duration, only 620,000 MT of Iron ore was sold. NMDC’s auctions get better response compared to private miner’s auction as the base price for private miners are high.
E-auction held on
31 Jan, 2014
Other mines e-auction entertained few buyers as the base price set by the mines was very high in comparison to NMDC e-auction held on same date. Out of 212,000 MT Iron ore offered by other mines only 56,000 MT was sold. On the other hand, 65% of total Iron ore was sold by NMDC in e-auction.
Fe 58 Grade material was offered at the floor price of INR 4000/MT and sold at floor price. The only buyer was Sesa Sterlite for this grade.
NMDC offered 280,000 MT Iron ore in e-auction held on 31 Jan, 2014. JSW purchase 0.1 MnT of Iron ore from this auction. Iron ore fines price up by 9% in the auction and lumps price up by 2.4%.
29 Jan, 2014
Other mines e-auction received a good response as 63% of total Iron ore sold out of 376,000 MT of Iron ore offered. JSW was the main buyer for Iron ore & lumps; purchased 92,000 MT of Iron ore after that Kirloskar, BMM & Mukand is the highest buyer with 16,000 MT each.
Iron ore fines price increased by only 1.4%; 94% of fines sold. Buyers show interest in the purchase of Iron ore fines beside of high price.
24 Jan, 2014
NMDC ‘s Iron ore fines price up by 23% in the auction. Out of 100,000 MT of Iron ore fines offered 88% were sold. Iron ore lumps price up by 1.5% & 52,000 MT of lumps sold out of 152,000 MT offered. Buyers shows less interest in the purchase of lumps because of high prices
JSW is the biggest buyer of Iron ore lumps & fines with 40,000 MT lumps and 52,000 MT fines.
Royalty 10%, VAT 5.5% (on auction price and royalty), FDT 12% are applicable on the above prices.
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