Directorate of Mines & Geology (DMG), Goa is holding a weekly e-auction for the sales of 15 MnT Iron ore lying at jetties & ports across the state. This will be the second e-auction since the ban imposed by the Supreme Court during September 2012.
First ever E-auction in Goa for 0.53 MnT of Iron ore did not attract any response from steel makers.
JSW Steels, India’s largest steel producer in private sector, did not participate in first e-auction on 17 Feb, 2014. But it has registered for 2nd e-auction, stated by sources of Goa DMG.
A senior official of JSW remarked, “Though, we have registered this time, we might not bid for the material. Apart from high logistics cost and transportation issues, moisture content in Iron ore offered is high. Fe content mentioned is not certain and might be lower as it is lying at different locations since long.”
Exporters say that base price in today’s e-auction is quite high. Contrastingly, spot Iron ore prices in China has hit 8 months low owing to enough supply from Australian & Brazilian miners.
Response from bidders will be cold for the reason that demand is weak from Chinese buyers. Also, with new environmental norms in China, buyers are preferring high grade material.
Iron ore base price declared for 2nd E-auction of Goa
|
Iron ore Base Price |
|||
|
Fines |
Lumps |
||
|
W.A Grade |
W.A. Floor Price |
W.A Grade |
W.A. Floor Price |
|
45.5 |
190 |
48 |
560 |
|
48 |
576 |
49 |
680 |
|
49.2 |
770 |
51.2 |
1,198 |
|
51 |
1,040 |
54 |
1,510 |
|
51.5 |
1,120 |
54.5 |
1,600 |
|
52.5 |
1,590 |
56 |
1,820 |
|
54 |
1,620 |
57.5 |
2,050 |
|
54.5 |
1,600 |
57.75 |
2,100 |
|
55 |
1,660 |
– |
– |
|
56 |
1,822 |
– |
– |
|
57 |
1,970 |
– |
– |
|
59 |
2,280 |
– |
– |
All prices in INR/MT
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