MSTC (Metal & Scrap Trading Corporation Ltd) is organizing Iron ore e-auction on behalf of various mines and stockyards in Karnataka. Iron ore e-auction will be conducted on 21 Dec, 2013.

 Three auctions are going to take place on 21 Dec, 2013 the total quantity of Iron ore offered for sale is about 992,000 MT. The Inspection of material will take place between 14.12.13 to 20.12.13.

Total Iron ore offered for sale:

Iron ore Lumps: 276,000 MT

Iron ore fines: 336,000 MT

ROM: 404,000 MT

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

Iron ore auction held for other mines and stockyard on 6 Dec, 2013 get acceptable response from the bidders out of 372,000 MT of iron ore 56% of Iron ore was purchased and the major supplier is B. Rudra Gouda Mine, R. Praveen Chandra mines and Zeenath Transport Company.

In last e-auction on 6 Dec total quantity of fines offered were sold on above the floor price. Iron ore fines price was increased by 25% whereas Iron ore lumps price was increased by 2.7%. The average iron ore fines prices for grade Fe 63%, INR 3805/MT and INR 3405/MT for grade Fe 61%. Average Iron ore lumps price for grade Fe 63-64% is about INR 4053.3/MT.