Directorate of Mines & Geology (govt. of Goa) had scheduled 20th e-auction today i.e. on 04 May’17. 1.63 MnT iron ore was put under hammer via 20th e-auction.
Out of the offered quantity of 1.63 MnT , 0.96 MnT was ROM ranging from Fe 27.6-56.4%, 0.47 MnT was fines having Fe content 18.6-59.2% and 0.20 MnT was lump ranging from Fe 39-59%.
Goa DMG had kept base prices unchanged for the upcoming e-auction. Base price for all material type across all grades was fixed at INR 500/MT.
As per the market sources report to SteelMint, the e-auction received dull response with only 6% of the material getting sold. Nearly 89,940 MT iron ore was sold.
Spot iron ore prices in China dropped further – Today spot iron ore prices in China declined by USD 4/MT D-o-D amid drop in futures. Fe 62% fines index closed at USD 63.4/MT, CFR China.
Indian low-grade fines is presently trading at discount of 40-41%. Thus, export offers for Fe 57% Indian fines is around USD 24-25/MT, FoB India.
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