MSTC has declared the results of the Karnataka Iron ore e-auction conducted on 20 & 24 Jun, 2014. As per the results, the total quantity offered was 1.2 MnT, out of which 0.25 MnT was sold.
MSTC sold 1.91 MnT Iron ore from 1-24 Jun, 2014 in comparison with 1.79 MnT in May, 2014. Thus, companies seemed to be inclined towards Karnataka e-auctions for buying Iron ore after the Supreme Court’s interim order for suspension of mining ban in Odisha on 16 May, 2014.
Highlights of E-auction by Private Mines held on 24 Jun, 2014
- JSW Steel was the largest buyer at 124,000 MT, out of which 120,000 MT consisted of fines, while the rest was lumps
- Till 24 Jun, 2014 JSW Steel has purchased 892,000 MT of Iron ore from Karnataka e-auctions and it is anticipated that it will cross its previous months mark of Iron ore purchase quantity, which was 980,000 MT
- In comparison with previous private mines e-auction, bid & floor prices of Iron ore fines (Fe 63%) remain unchanged at INR 3,300/MT. While, lumps (Fe 65%) bid price increased by INR 325/MT and stood at INR 5,125/MT
Highlights of E-auction by NMDC held on 20 Jun, 2014
- Largest buyer was JSW Steel at 40,000 MT followed by BMM Ispat at 12,000 MT
- Entire quantity of Iron ore fines which was offered by NMDC was sold
- In comparison with NMDC’s previous e-auction, lumps (Fe 62%) bid price observed a decrease of INR 55/MT and stood at INR 4,006/MT, while lumps floor price remain unchanged. Also, the bid & floor prices of Iron ore fines (Fe 60%) were firm at INR 2,433/MT
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Karnataka Iron Ore E-auctions held on 20 & 24 Jun, 2014 |
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Date |
20 Jun, 2014 |
24 Jun, 2014 |
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|
Material Type |
Offered Qty |
Allotted Qty |
Offered Qty |
Allotted Qty |
|
Fines |
52,000 |
52,000 |
868,000 |
168,000 |
|
Lumps |
112,000 |
12,000 |
172,000 |
16,000 |
|
Total |
164,000 |
64,000 |
1,040,000 |
184,000 |
Qty in MT
Source: SteelMint Research
*Note: Bid & floor prices are Weighted Average, prices are basic
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