Iron ore e-auction in Karnataka conducted yesterday i.e. 25 May, 2015 received a cold response with only 25% of the offered material being sold.
Karnataka iron ore e-auction conducted by MSTC yesterday received a cold response. 0.4 MnT Iron ore was offered by private miners out of which 0.1 MnT was sold.
Top 3 Suppliers in Karnataka E-auction held on 25 May’15
|
|
Fines | Lumps |
|
| SMIORE | 16,000 | 20,000 | 36,000 |
| VNK Menon | 24,000 | – | 24,000 |
| H R Gaviappa & Co. | 8,000 | 8,000 | 16,000 |
| Others | 4,000 | 20,000 | 24,000 |
| Total | 52,000 | 48,000 | 100,000 |
Quantity in MT
Source: Karnataka DMG
Out of the allotted quantity of 0.1 MnT, 52,000 MT comprised of fines and remaining of lump. Fines fetched slightly higher bids than their base price. Fines (Fe 62%) was allotted at INR 1,750/MT against base price of INR 1,700/MT.
Majority of the lots of lump offered fetched flat bids and for few lots bid prices were slightly above the base prices. Lump (Fe 60.3%) was sold at INR 2,200/MT. Largest buyer was JSW Steel. The steel maker has procured 0.93 MnT Iron ore from Karnataka e-auctions in May’15 (till the e-auctions held on 25 May’15).
Note: Prices mentioned above are basic
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