Karnataka Iron ore e-auction held on 18 Mar’15 received a dull response with 70% of the material remaining unsold.
196,000 MT Iron ore comprising of fines, lumps & low grade lumps was offered by the private miners. Out of the offered quantity only 56,000 MT was sold.
The material was offered by private miners namely SMIORE, Allum Prashanth and others. 44,000 MT of the Iron ore offered by SMIORE was allotted to the bidders.
Supplier-wise allotted Quantity
| Supplier | Fines | Low Grade Lumps | Lumps | Grand Total |
| SMIORE | 36,000 | – | 8,000 | 44,000 |
| Allum Prashanth | – | 4,000 | – | 4,000 |
| Others | 4000 | – | 4,000 | 8,000 |
| Grand Total | 40,000 | 4,000 | 12,000 | 56,000 |
Qty in MT
Source: SteelMint Research
Fines (Fe 59.6%) fetched flat bids and was sold at INR 1,730/MT. Prices for fines (Fe 60%) fell by INR 150/MT to INR 1,750/MT in comparison to last e-auction. Lump (Fe 61.5%) was sold at INR 2,930/MT. Low grade lump (Fe 40%) was allotted at the base price of INR 825/MT.
JSW Steel was the major buyer and bought 32,000 MT fines followed by Kalyani Steels.
Note: Grade & prices are weighted average
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