Goa DMG Reduces Base Price for E-auction To Be Held on 4 Oct’16

Base price fixed at INR 500/MT for all material type offered across all grades.

Department of Mines & Geology (DMG), Government of Goa has scheduled 16^th iron ore e-auction tomorrow i.e. on 04 Oct’16. Offered quantity has been reduced to 1.7 MnT, which will be offered in 48 lots. 0.98 MnT ROM offered is located at Codli mines.

Out of 1.7 MnT, 1.17 MnT is ROM, 0.41 MnT is fines, 0.05 MnT is lump and remaining 0.07 MnT is fines/lump.

Grade of ROM offered ranges from Fe 44.5-62.9% and has been base priced at INR 500/MT. Fines offered ranges from Fe 48.9-61.1% with base price of INR 500/MT. Grade of lump offered in the e-auction varies from Fe 43.1-62.4%.

While in previous e-auction, held on 27 Apr’16, ROM (Fe 56%) offered from Codli mine was base priced at INR 650/MT. However, for tomorrow’s e-auction, base price for ROM (Fe 49-58.5%) offered from Codli mine is fixed at INR 500/MT.

Iron ore prices in China stable amid holidays – Amid week long holidays in China from 01-07 Oct’16, limited trade activities are seen. This has kept iron ore prices in China stable as of now. Fe 62% fines index is assessed at USD 55/MT, CFR China.

Link to the base price of lots for 16th Goa e-auction