Only two lots amounting to a total of 55,453 MT iron ore was sold in Goa’s 7th E-auction.
DMG, Government of Goa conducted its 7th iron ore e-auction today in which 1 MnT iron ore was put under the hammer. The material was offered in 16 lots. Out of these only 2 lots received bids and were sold. Both were from Codli mines.
The details of the sold lots are as follows:
- Lot no. 4 comprising of fines (Fe 60%) of quantity 20,453 MT. The lot received bids up by 35% against its base price. It was sold at INR 840/MT against its base price of INR 620/MT
- Lot no. 5 comprising of lump (Fe 59% ) of quantity 35,000 MT. The lot fetched flat bids and was sold at base price of INR 1,530/MT
Participants shared that that the e-auction received distressing response because of high base prices.
Looking at the poor responses in recent Goa e-auctions it can be anticipated that ore obtained from fresh mining in Goa, which is likely to begin in Oct’15, might also not receive good responses in the upcoming e-auctions.
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