MSTC offered a total of 1.8 MnT Iron ore on 21 & 22 May 2014 Karnataka e-auctions. As per the results declared today, 0.3 MnT Iron ore have been sold out by private miners.
As an impact of Odisha Iron ore mining ban, bid prices have increased by INR 100-200/MT in Karnataka Iron ore e-auctions as compared to previous e-auctions. It is expected that the base as well as bid prices will increase further in the upcoming e-auctions.
According to the top buyers in Karnataka e-auction, their purchase quantities of Iron ore are likely to increase because of supply shortage in the eastern region.
Details of e-auction held on 21 May’14:
- Total quantity offered was 516,000 MT
- Total quantity sold was 64,000 MT, out of which 4,000 MT was ROM & rest consisted of fines
- Major quantity sold consisted of low grade Iron ore
- Largest buyer was RAV S Steels with a purchase quantity of 32,000 MT fines
- Weighted average price for fines of Fe 49 was INR 549/MT (basic)
- Weighted average price for ROM of Fe 50 was INR 900/MT (basic)
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Top 3 buyers on 21 May’14 |
|
|
Buyers |
Quantity |
|
RAV S Steels |
32,000 |
|
Janki Corp |
20,000 |
|
SLV Steels & Alloys |
8,000 |
Qty in MT
Source: SteelMint Research
Details of e-auction held on 22 May’14:
- Total quantity offered was 1,320,000 MT
- Total quantity sold was 228,000 MT out of which 40,000 MT was lumps & rest consisted of fines
- Major quantity sold consisted of high grade Iron ore
- Largest buyer was JSW Steels at 112,000 MT
- Weighted average price for Fe 61.2 grade fines was INR 3,341/MT (basic)
- Weighted average price for Fe 62.7 grade lumps was INR 4,125/MT (basic)
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Top 3 buyers on 22 May’14 |
|
|
Buyers |
Quantity |
|
JSW Steels |
112,000 |
|
SLR Metaliks |
16,000 |
|
Kalyani Steels |
12,000 |
Qty in MT
Source: SteelMint Research
In the e-auctions held in FY 14, a total of 29.2 MnT of Iron ore was sold & the largest buyer was JSW Steels at 17.2 MnT.
3.2 MnT of Iron ore has been sold until now in FY15 and the largest buyer is JSW Steels at 1.7 MnT.
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