Metal Scrap Trade Corporation (MSTC), a Government of India Enterprises has declared the Iron ore e-auction results for NMDC’s and various mines/stockyards held on 04, 10 & 11 Feb, 2014 respectively in Karnataka.
Total 0.8 MnT Iron ore was allotted in the e-auction. Bidders show less interest to purchase Iron ore from private miners because of high floor price set by them.
E-auction held on
04 Feb, 2014
Private Mines unable to sold Iron ore at such high base prices. Out of 224,000 MT Iron ore offered only 64,000 MT was sold. Iron ore fines base price was increased by more than 35% in compared to NMDC e-auction held on 10 & 11 Feb, 2014.
Iron ore fines & lumps were sold on floor price. Kalyani steel and MSPL was the largest buyer with 20,000 MT each. MSPL purchase Iron ore from its own mines i.e. Vyasankere Iron Ore Mines.
Fe 58 fines were sold at the floor price of INR 3450/MT & Iron ore lumps for Fe 63 Grade was sold at INR 4150/MT.
10 Feb, 2014
In NMDC’s advance e-auction, 100% Iron ore offered (460,000 MT) was allotted to the bidders. JSW is the biggest buyer in the e-auction with purchase of 240,000 MT Iron ore in which 53% was fines.
Iron ore fines price up by 1.45% for Fe 60.5 to INR 2,477/MT and lumps sold on floor price for Fe 63 at INR 4,012/MT.
11 Feb, 2014
NMDC e-auction is getting better response in comparison to other e-auction. In this e-auction, bidders had purchased 93.6% of the material out of 316,000 MT offered.
JSW was the biggest buyer purchased 228,000 MT of the material offered. Fe 60 grade Iron ore fines was offered at INR 2,311/MT, whereas Iron ore lumps sold at floor price of INR 3,812/MT for Fe 63 Grade.
Royalty 10%; VAT 5.5% (on auction price and royalty); FDT 12% are applicable on all the above prices.
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