The first ever Iron ore sale through e-auction in Goa held on 17 Feb, 2014 by Goa’s Directorate of Mines (DMG). 540,000 MT (0.54 MnT) of Iron ore was put on sale, out of which 535,369 MT was sold.
Weighted average prices stood in the range of USD 25-33/MT based on cargo’s location. Bagadiya Brothers was the 3rd top buyer with 67,836 MT Iron ore.
The first export shipment of the auctioned material is expected to take place by Bagadiya Brothers in April, 2014. Vessel named Jindal Varad is expected at Mormugao Port in this week that will carry 71,600 MT of the raw material to China.
According to sources, another vessel of Radiant Steel (Royal Liners) is expected at Mormugao port in this week.
Top 3 buyers of Iron ore in Goa’s first e-auction
|
Bidder Name |
Total Quantity (MT) |
Cargo Type |
Alloted Quantity (MT) |
W. A Grade |
W.A Bid Price |
W.A Base Price |
|
Radiant (Royal Liners) |
238,530 |
Fines |
219,366 |
51.3 |
1,611 |
1,010 |
|
Lumps |
19,164 |
54.3 |
2,102 |
1,665 |
||
|
Sesa Goa |
68,141 |
Fines |
60,487 |
52.8 |
1,525 |
1,177 |
|
Lumps |
7,654 |
54.9 |
1,696 |
1,475 |
||
|
Bagadiya Brothers |
67,836 |
Fines |
44,779 |
54.6 |
1,803 |
1,512 |
|
Lumps |
23,057 |
54.1 |
1,815 |
1,485 |
3rd E-auction may not happen in Mar’14
Sources told SteelMint that Goa Government may not conduct 3rd e-auction this month owing to weak spot Iron ore prices in Chinese market.They also mentioned that some exporters have not submitted the balance amount and asked for some more time from Goa Government.
Indian exporters remarked that prices have corrected by USD 15/MT since the first e-auction.
In Nov’13, the Supreme Court allowed e-auction of about 15 MnT Iron ore stock lying at jetties, stockyards & mines head in the state through MSTC.
On 10 Sep 2012, a ban on Iron ore mining and export was imposed in Goa. Since then, Iron ore sale had taken place through 1st e-auction which saw participation of exporters & traders only.
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