Metal Scrap Trade Corporation (MSTC) a Government of India Enterprises has declared results for 2.1 MnT of Iron ore e-auction held on 07-08 Jan2014 for various mines & Stockyards in Karnataka. 

The total quantity of Iron ore offered in e-auction was 845,000 MT of which 721,000 MT Iron ore was sold out on 7 Jan, 2014. MSTC offered 1.2 MnT of Iron ore of which 1 MnT was sold out on 8 Jan, 2014.

Total increase in Iron ore fines price over floor price was 4.4% whereas lumps price was increased by 1.1%.

E- auction held on

07 Jan, 2014

ROM prices in 07 Jan 2014 e-auction were increased by 40.5% over the floor price. The floor price for Fe 63 Grade ROM was at INR 2,920/MT allotted at INR 3,421/MT.

The key buyer in the e-auction was MSPL and XIndia with 48,000 MT each. SRI Ramanjaneya Ispat purchases 605,000 MT of ROM and the booking price for AIWI grade ROM purchased at INR 760/MT that’s an increase of 76.7% .

Bidders shows less interest in the purchase of Iron ore fines and lumps owing to high prices, only 8,000 MT Iron ore fines was sold out of 24,000 MT offered. Iron ore lumps sold at floor price only 4,000 MT lumps was purchased out of 44,000 MT offered.

Average Iron Ore booking Price

Fe 63 ROM: INR 3,421/MT
Fe 58 Lumps: INR 3,580/MT
Fe 67 Fines: INR 3,720/MT

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

08 Jan, 2014

The e-auction received a good response as 81% of the material offered was sold. The main buyer in the e-auction was JSW Steel with 839,000 MT of Iron ore purchased in which 99% of the material purchased was ROM. BMM Ispat purchase 60,000 MT of Iron ore in which 44,000 ROM and 16,000 MT fines.

Total quantity of fines offered was sold out i.e. 44,000 MT. Iron ore fines price increased by 2.8% and lumps by 1.3%. ROM price was increased by 3.8%

Average Iron ore booking Price 

Fe 65: Fines INR 3,130/MT
Fe 63: ROM INR 3,032/MT
Fe 60: Lumps INR 3,700/MT

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