Iron ore e-auction for NMDC’s Kumarswamy mines in Karnataka is on 13 December, 2013. The auction will be conducted by MSTC on the behalf of NMDC. The total quantity of Iron ore offered for sale is about 244,000 MT.
Iron ore auction will commence at 11:00 IST and conclude by 13:00 IST. The Inspection of material will take place between 09 December, 2013 and 12 December, 2013.
This is the second e-auction of Iron ore for Kumarswamy Mines this month, first auction was held on 6 Dec, 2013 in which NMDC offer 260,000 MT of Iron ore.
Total Iron ore offered for sale:
Iron ore Lumps: 200,000 MT
Iron ore fines: 44,000 MT
Royalty 10%, VAT 5.5% (on auction price and royalty) FDT 12% are applicable.
MSTC offers 3 MnT of Iron ore in November, through Karnataka e-auction in which NMDC shares was about 1.56 MnT. The main buyer for NMDC’s Iron ore in Karnataka e-auction was JSW Steel.
JSW Steel purchased 67% of total Iron ore sold by NMDC. Percentage Ratio of Iron ore Fines & Lumps purchased by JSW is at 35:65. Major grade of fines purchased by JSW is Fe 61% at the average price of INR 3,155/MT.
According to the SteelMint research, in Q2 FY14, a total quantity of about 8.27 MnT of Iron ore was sold in Karnataka through e-auction. NMDC was still the largest seller offering about 2.49 MnT of Iron ore for sale and JSW was the biggest buyer purchasing about 5.29 MnT of the product.
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