Metal Scrap Trade Corporation (MSTC), a Government of India Enterprises has declared the e-auction results for various mines and Stockyards, held on 05 Feb, 2014.
MSTC has offered Iron ore in a large quantity for 5 Feb, 2014 auction but the bidders shows less interest in the purchase of Iron ore owing to high prices. Total quantity of 2.3 MnT Iron ore was offered by the private miners of which only 0.7 MnT was sold (28%).
BMM Ispat was the biggest buyer of Iron ore with 514,000 MT. BMM is the only buyer for Fines , out of 200,000 MT of Fines offered only 12000 MT was sold.
2.1 MnT RoM was offered of which 0.6 MnT was sold. JSW purchase 160,000 MT of sub grade ROM at floor price of INR 670/MT and BMM purchase 502,000 MT of Low grade ROM at INR 2,120/MT.
Iron ore Fines of Fe 56 grade sold on floor price of INR 1,310/MT.
Royalty 10%; VAT 5.5% (on auction price and royalty); FDT 12% are applicable
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