Karnataka Iron Ore E-auction Sales Down 26% in Apr’17

2.04 MnT iron ore sold via Apr’17 e-auctions, down by 26% M-o-M.

The month of Apr’17 witnessed lesser purchases in Karnataka e-auctions.  The quantity of 2.04 MnT iron ore was sold in Apr’17 against 2.77 MnT in Mar’17, down by 26% M-o-M. Apr’17 total iron sales quantity was considerably less compared to last month.

NMDC sold 1.4 MnT iron ore via e-auctions in Apr’17- NMDC’s iron ore sales at e-auctions were up by 31% M-o-M and stood at 1.4 MnT in Apr’17. Out of the total allotted quantity 0.13 MnT was offered by Mysore Minerals and rest 0.51 MnT by private miners.

JSW Steel’s iron ore purchases from Karnataka stood at 1.32 MnT in Apr’17-JSW Steel’s iron ore purchases from Karnataka e-auctions stood at 1.32 MnT in Apr’17, down 30% M-o-M. Other major iron ore buyers in Karnataka e-auction last month were BMM Ispat, Gerdau Steel India, Minera Steel And Power, Kirloskar Ferrous Industries.

Buyer-wise allotted quantity in Ape’17 e-auctions

Qty in MT
Source: Karnataka DMG

Major highlights of Apr’17 Karnataka e-auctions:

1. Iron ore base prices of NMDC Donimalai mines were unchanged for the month.  For NMDC Donimalai mines prices were- fines (Fe 60.02%) – INR 2,165/MT and lump (Fe 62.5%) – INR 2519/MT. For NMDC Kumaraswamy mines prices were- fines (Fe 60.04%) – INR 1,988/MT and lump (Fe 61.8%) – INR 1907/MT.

2. Price scenario of sponge grade lump in Apr’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 2,472-2,492/MT.

3. Base prices of iron ore offered by a private miner, Vyasankere mines,  lump (Fe 65%) were unchanged M-o-M at INR 2,850/MT (basic).

4. Andhra Pradesh based steel maker Jeevaka Industries and Gujarat based Electrotherm India have not sourced any material last month.