In first ever e-auction held by Goa’s Directorate Mines & Geology (DMG), 0.54 MnT of Iron ore sold out completely.
The first Iron ore auction of 0.54 MnT held by Goa’s Directorate Mines & Geology (DMG) received overwhelming response from the Indian mine owners & exporters. Radiant world (Royal Liners) remained top bidder followed by Bagadiya Brothers & Sesa Sterlite. Most of the ore bought will be sold in export market. Weighted average prices hovered in the range of USD 25-33/MT based on cargo’s location.
Results of 1st Goa E-auction held on 17 Feb, 2014 by DMG
|
Bidder Name |
Total Quantity (MT) |
Cargo Type |
Alloted Quantity (MT) |
W. A Grade |
W.A Bid Price |
W.A Base Price |
|
|
Radiant (Royal Liners) |
238,530 |
Fines |
219,366 |
51.3 |
1,611 |
1,010 |
|
|
Lumps |
19,164 |
54.3 |
2,102 |
1,665 |
|||
|
Sesa Goa |
68,141 |
Fines |
60,487 |
52.8 |
1,525 |
1,177 |
|
|
Lumps |
7,654 |
54.9 |
1,696 |
1,475 |
|||
|
Bagadiya Brothers |
67,836 |
Fines |
44,779 |
54.6 |
1,803 |
1,512 |
|
|
Lumps |
23,057 |
54.1 |
1,815 |
1,485 |
|||
|
Shree Durga Mining |
54,331 |
Fines |
54,331 |
54.4 |
2,045 |
1,431 |
|
|
Lumps |
– |
– |
– |
– |
|||
|
Fermento |
50,000 |
Fines |
50,000 |
56.6 |
2,164 |
1,832 |
|
|
Lumps |
– |
– |
– |
– |
|||
|
Agrawal Minerals |
30,000 |
Fines |
30,000 |
54.4 |
1,817 |
1,390 |
|
|
Lumps |
– |
– |
– |
– |
|||
|
Kineeta Global |
20,000 |
Fines |
20,000 |
53.0 |
1,620 |
1,205 |
|
|
Lumps |
– |
– |
– |
– |
|||
|
Sundar Industries |
6,531 |
Fines |
6,531 |
54.7 |
1,619 |
1,441 |
|
|
Lumps |
– |
– |
– |
– |
All prices in INR/MT; W.A – Weighted Average
Goa, India’s largest Iron ore exporting state was deprived of trades after a ban was imposed on Iron ore mining & export on 10 Sep, 2012. In November, 2013 the Supreme Court allowed e-auction of about 15 MnT Iron ore stock lying at jetties, stockyards & mines head in the state through MSTC.
Steel mills may participate in coming auctions
Goa’s first e-auction surprisingly did not receive any response from Indian steel mills. However, sources believe that participation from millers is likely to appear in coming auctions.
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