Out of 2 MnT iron ore offered, only 8% of the quantity managed to receive bids from the participants.
Department of Mines & Geology (DMG), Government of Goa had put up lots for 17th iron ore e-auction. The auction was held on 10 Oct’16.
Total quantity auctioned was 2 MnT via 81 lots. Out of the total quantity to be auctioned, 1.54 MnT is ROM, 0.36 MnT is fines and 0.1 MnT is lump.
Grade of ROM offered varied from Fe 27.6-62.6%. Fines offered was from Fe 44-62%. Grade of lump offered in the e-auction varied from Fe 47.2-60.9%.
As per sources report to SteelMint, the e-auction received a poor response with only 0.15 MnT iron ore fetching participation from the bidders.
Goa DMG had kept base price unchanged for 17th e-auction at INR 500/MT for all material type offered across all grades.
A bidder in conversation with SteelMint shared that “The 17th iron ore e-auction did not fetch good response and majority of the lots containing bigger quantities failed to attract bidders. ROM being offered in large quantity attracted more participants than lump and fines. Most of the bids received remained close to base price (i.e. INR 500/MT). However for few lots, bids went up to INR 800/MT”.
Leave a Reply