Iron ore sales via Karnataka e-auctions have fallen from 1.5 MnT in Sep’14 to 1.4 MnT in Oct’14. Out of 1.6 MnT Iron ore offered, 1.4 MnT was sold in Oct’14.
Karnataka E-auctions fetch Flat Bids in Oct’14 (M-o-M)
NMDC’s Karnataka e-auction received flat bids. Floor & bid prices for lump (Fe 62%) were INR 3,980/MT and for fines (Fe 60%) were INR 2,620/MT. While, private mines floor price for lump (Fe 64%) moved up by INR 100/MT to INR 4,425/MT. Floor & bid prices for fines (Fe 58.5%) offered by private mines stood at INR 2,235/MT.
Karnataka Iron Ore E-auction in Oct’14
|
Mines |
Bid Qty |
Allotted Qty |
|
NMDC |
988,000 |
836,000 |
|
Other Mines & Stockyards |
588,000 |
544,000 |
|
Total |
1,576,000 |
1,380,000 |
Qty in MT
Source: SteelMint Research
Largest buyer was JSW Steel with 0.87 MnT followed by BMM Ispat & Xindia Steels. India’s leading steelmaker, JSW Steel has increased its procurement from Karnataka by 38% from 0.63 MnT in Sep’14 to 0.87 MnT in Oct’14.
Top 5 Iron Ore Buyers in Oct’14
|
Company |
Fines |
Lump |
Total |
|
JSW Steel |
648,000 |
224,000 |
872,000 |
|
BMM Ispat |
84,000 |
– |
84,000 |
|
Xindia Steels |
68,000 |
– |
68,000 |
|
Gerdau Steel India |
24,000 |
8,000 |
32,000 |
|
Lanco Industries |
20,000 |
12,000 |
32,000 |
|
Others |
132,000 |
160,000 |
292,000 |
Qty in MT
Source: SteelMint Research
Note: Grade & prices are weighted average.
E-auction held on 01 Oct, 2014 has not been considered, as it was cancelled.
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