From Praveen Chandra mines in Karnataka, a total of 192,000 MT of iron ore was offered through e-auction, on March 21.
Fines was sold out in total. Whereas, there were no buyers for lumps this time also.
JSW was buyer of 60,000 MT of fines i.e. 75% of the total quantity of fines offered.
The bid price was a 1.63% increase over the floor price. Out of 111 bids, no. of bidders and winners were 15 and 14 respectively.
Quantity sold out:
Iron ore fines:
36,000 MT of Fe% 61.3 at Rs 2,340-2,350 (JSW 12,000 at Rs 2,340)
40,000 MT of Fe% 63 at Rs 2,350 (JSW 24,000 MT)
24,000 MT of Fe% 63 at Rs 2,350-2,360 (JSW 16,000 MTat Rs 2,360)
36,000 MT of Fe% 62.8 at Rs 2,400-2,410 (JSW 8,000 MT at Rs 2,410)
Royalty 10%, VAT 5.5% (on auction price androyalty), FDT 12% are applicable.
The floor price fixed for both lumps and fines was lowered by up to 16% , looking at poor response in the previous e-auction.
Quantity that was offered:
Calibrated iron ore
48,000 MT with Fe% 63.21 at Rs 4,290
Floor price reduced by 5%, from Rs 4,526 to Rs 4,290
Iron ore lumps
8,000 MT with Fe% 65.1 at Rs 4,403
Floor price reduced by 5%, from Rs 4,650 to Rs 4,403
Iron ore fines Total of 136,000 MT as mentioned below:
36,000 MT Fe% 61.3 at Rs 2,250
Floor price reduced by 4%, from Rs 2,340 to Rs Rs 2,250
64,000 MT Fe% 63 at Rs 2,350
Floor price reduced by 16%, from Rs 2,800 to Rs 2,350
36,000 MT Fe% 62.8 at Rs 2,340
Floor price reduced by 10%, from Rs 2,600 to Rs 2,340
Royalty 10%, VAT 5.5% (on auction price and royalty), FDT 12%
are applicable.
Previous to this, on March 12, a total of 192,000 MT of iron ore was e-auctioned from Praveen Chandra mines.
Only 4,000 MT (3%) of fines with Fe% 61.3 was sold out at Rs 2,340/MT, out of the total 140,000 MT with Fe% 61.3-63 offered at Rs 2,340-2,800.
The entire quantity of lumps i.e. 8,000 MT with Fe% 65.1 and calibrated ore i.e. 48,000 MT with Fe% 63.21 at Rs 4,650/MT and Rs 4,526/MT respectively, remained unsold.
The floor price fixed for both lumps and fines was high and resulted in weak buying of fines and no response for lumps.
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