2.14 MnT iron ore sold via Feb’17 e-auctions, down by 24% M-o-M.
The month of Feb’17 witnessed lesser purchases in Karnataka e-auctions. The quantity of 2.14 MnT iron ore was sold in Feb’17 against 2.81 MnT in Jan’17, down by 24% M-o-M. Feb’17 total iron sales quantity was lesser compared to last month.
NMDC sold 1 MnT iron ore via e-auctions in Feb’17– NMDC’s iron ore sales at e-auctions were down by 19% M-o-M and stood at 1 MnT in Feb’17. Out of the total allotted quantity 0.36 MnT was offered by Mysore Minerals and rest 0.78 MnT by private miners.
JSW Steel’s iron ore purchases from Karnataka stood at 1.63 MnT in Feb’17-JSW Steel’s iron ore purchases from Karnataka e-auctions stood at 1.63 MnT in Feb’17, down 16% M-o-M. Other major iron ore buyers in Karnataka e-auction last month were – Rai Bahadur Seth Shreeram Narasingdas private Limited, BMM Ispat, MSPL and Gerdau Steel India.
Buyer-wise allotted quantity in Feb’17 e-auctions
| Company |
Fines |
Lumps |
ROM |
Grand Total |
| JSW Steel |
1,102,000 |
531,000 |
– |
1,633,000 |
| Rai Bahadur Seth Shreeram Narasingdas private Limited |
44,000 |
28,000 |
– |
72,000 |
| BMM Ispat |
64,000 |
– |
– |
64,000 |
| MSPL |
36,000 |
– |
– |
36,000 |
| Gerdau Steel India |
8,000 |
20,000 |
– |
28,000 |
| Others |
84,000 |
216,000 |
10,500 |
310,500 |
| Grand Total |
1,338,000 |
795,000 |
10,500 |
2,143,500 |
Qty in MT
Source: Karnataka DMG
Major highlights of Feb’17 Karnataka e-auctions:
1. Iron ore base prices of NMDC Donimalai mines moved up by about INR 52-115/MT M-o-M in Feb’17. Fines prices have gone up by INR 55-115/MT and that of lump have increased by INR 52-109/MT. For NMDC Kumaraswamy mines prices were- fines (Fe 60.04%) – INR 1,988/MT and lump (Fe 61.8%) – INR 2,017-2,257/MT. For NMDC Kumaraswamy mines prices were- fines (Fe 62.4%) – INR 2,220/MT and lump (Fe 63.8%) – INR 2,558-2,568/MT.
2. Price scenario of sponge grade lump in Feb’17 Karnataka e-auctions – Sponge grade lump (Fe 62.5%, 10-20 mm ) offered by NMDC Kumaraswamy mines was base priced at INR 1,972/MT. The lot was sold at INR 2,082-2,272/MT.
3. Base prices of iron ore offered by a private miner, Vyasankere mines, lump (Fe 65%) increased substantially M-o-M at INR 2,830/MT (basic).
4. Andhra Pradesh based steel maker Jeevaka Industries who has switched to domestic iron ore sourcing few months back procured 13,000 MT lump (Fe 58.5% and Fe 59.1% offered by SMIORE) at bid price of INR 2300/MT AND INR 2140/MT respectively.
5. Electrotherm India have sourced- 4,000 MT iron ore lumps last no purchases were done by SAIL (VISL) and Vedanta.
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