Goa DMG plans two back-to back e-auctions for 1.63 MnT iron ore and 1.61 MnT on 4th and 5th May’17.
Directorate of Mines & Geology (DMG), govt. of Goa has notified lots for upcoming e-auctions. DMG has scheduled two e-auctions. Majority of the quantity put under auction is of low-grade.
1.63 MnT iron ore will be put under hammer on 4th May’17 via 20th e-auction. Out of the offered quantity, 0.96 MnT is ROM ranging from Fe 27.6-56.4%, 0.47 MnT is fines having Fe content 18.6-59.2% and 0.20 MnT is lump ranging from Fe 39-59%.
21st e-auction for 1.61 MnT iron ore is scheduled on 5th May’17. Out of the total quantity to be auctioned, 1.16 MnT is ROM with grade Fe 28.5-60.89%, 0.37 MnT is fines having Fe content ranging from Fe 38.3 to 58% and 0.08 MnT is lump having Fe 47-63%.
19th e-auction received dull response and attracted single buyer
Previous iron ore e-auction conducted on 21st Apr’17, received very dull response with 91% of the offered quantity (2.16 MnT) remaining unsold. Only single buyer – Timblo Pvt Ltd booked the entire allotted quantity of 0.18 MnT. Falling spot iron ore prices in China and increased discount on Indian low grade fines has narrowed down realizations for Indian exporters, following which exporters kept themselves away from participating in e-auction.
Presently low-grade Indian iron ore fines (Fe 57%) is trading at a discount of 41% and is assesed at USD 27/MT, FoB India
So far, Goa DMG has managed to sell 10.85 MnT iron ore via 19 e-auctions conducted so far since auctions started in the state from Feb’14 onwards.
Leave a Reply