From B Rudra Gouda mines, a total of 224,000 MT of Iron ore (fines and lumps) was e-auctioned in the state of Karnataka, on March 21.
Fines was purchased in total. Whereas, only 28% of lumps could be sold out.
The bid price was a 1.63% increase over the floor price. Out of 111 bids, no. of bidders and winners were 15 and 14 respectively.
Details of quantity sold out:
Iron ore fines Fe% 57 to 58.5 (Quantity in MT)
48,000 MT at Rs 1,650 (JSW)
4,000 MT at Rs 1,650
28,000 MT at Rs 1,640
Iron ore lumps Fe% 58 to 59
4,000 MT at Rs 3,520
Iron ore lumps Fe% 62.5 to 63
36,000 MT at Rs 3,990
Details of material that was offered:
Iron ore fines:
A total of 80,000 MT with Fe% 57 to 58.5 at Rs 1,590
Iron ore lumps:
A total of 144,000 MT with Fe% 58-62.5 at Rs 3520-Rs 3,950, as mentioned below:
80,000 MT with Fe% 58 to 59 at Rs 3,520
12,000 MT with Fe% 61.5 to 62.5 at Rs 3,620
120000 MT with Fe % 61.5 to 62.5 at Rs 3,950
40,000 MT with Fe % 62.5 to 63 at Rs 3,990
Royalty 10%, VAT 5.5% (on auction price and royalty), FDT 12% are applicable.
In earlier e-auctions:
On March 8, only 49% of total lumps offered and entire quantity of fines, was sold out.
JSW was the biggest buyer of fines.
Whereas, costlier lumps was not preferred by most of the steel plants.
For fines, the floor price was lowered by 28% to Rs 1,580-2,680/MT due to weak response earlier (at Rs 2,180-3,430/MT in February 22 e-auction).
Whereas, for lumps, the reserve price dropped by 10% to Rs 3,520-3,950/MT (at Rs 3,900-4,390/MT in February 22 e-auction).
Whereas, on February 22, only 25% of the total iron ore offered, was purchased in the e-auction due to high base price fixed.
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