Iron ore e-auction in Karnataka for NMDC’s Donimalai and kumarswamy mines as well for various mines and stock yards in Karnataka.

The total quantity of Iron ore offered for sale is about 432,000 MT. In the last e-auction of NMDC, held on 13 Dec, 2013 49% of material was purchased by bidders out of 244,000 MT.

MSTC (Metal & Scrap Trading Corporation Ltd) is organizing Iron ore e-auction on 23 & 24, Dec 2013. The inspection of material for NMDC’s e-auction will take place between 18-22 Dec, 2013 and other mines between 18-23 Dec, 2013.

Total Iron ore offered for sale: NMDC (23 Dec, 2013)

Iron ore Lumps: 236,000 MT

Iron ore fines: 68,000 MT

Total Iron ore offered for sale: Other Mines & Stock yards (24 Dec, 2013)

Iron ore Lumps: 68,000 MT

Iron ore fines: 60,000 MT

Royalty 10%, VAT 5.5% (on auction price and royalty) FDT 12% are applicable

NMDC’s Donimalai & Kumarswamy mines e-auction held on 13 Dec, 2013 received a moderate response by the bidders, 49% material was sold i.e. an increase of 10% in total sales with comparisons to 06 Dec, 2013 results.

On 13 Dec e-auction total number of bid came 513 out of which winners are 9. In e-auction Iron ore fines price was increased by 39% against the floor price. The average price for-

Fe 60 grade Iron ore fines is about INR 2,992/MT

Fe 59 grade Iron ore fines is about INR 2,696/MT

Fe 62 grade Iron ore Lumps prices is equal to floor prices INR 3,706/MT

Fe 63 grade iron Ore Lumps prices is equal to floor prices INR 3,824/MT

The main buyer for Iron ore in e-auction was JSW Steel Ltd. JSW purchase 60,000 MT of Iron ore i.e. 50% of total sales, there is 40:60 ration of Lumps and fines in total sale of JSW. BMM Ispat limited purchased 20,000 MT of Iron ore Fines, Lanco Industries & Sona Alloys Pvt Limited purchased 8,000 MT of Iron ore lumps each.