India: 0.26 MnT Iron Ore sold in last two Karnataka E-auctions

MSTC has declared the results of e-auctions held on 24 & 25 Mar, 2015. 55% of the total offered quantity in the two e-auctions remained unsold.

0.58 MnT Iron ore offered by private miners out of which merely 0.26 MnT was allotted to the bidders.

Highlights of the E-auction held on 24 Mar, 2015

1. 0.28 MnT Iron ore was offered by private miners namely RBSSN Sankalapuram Iron ore Mines, Chowgule & Company and VNK Menon
2. Bid price for fines (Fe 63%) stood at INR 2,450/MT and for lump (Fe 58%) was at INR 2,500/MT. Sub grade fines (Fe 48%) was sold at INR 150/MT
3. 0.1 MnT Iron ore was sold. R B Seth Shree Ram Narsingdas bought 50% of the allotted quantity

Highlights of the E-auction held on 25 Mar, 2015

1. Private miners namely Mysore Minerals, Sesa Sterlite and GG Brothers offered 0.3 MnT Iron ore via e-auction
2. Base & bid prices for fines (Fe 61%) fell by INR 300/MT in comparison to previous e-auction and was sold at INR INR 1,920/MT and lump (Fe 61.4%) was allotted to the bidders at INR 2,580/MT
3. 0.14 MnT was sold, out of which JSW Steel bought majority of the material

Note: Grade & prices are weighted average