MSTC Ltd., on behalf of Indian Oil Corporation Ltd. (IOCL), has conducted its petroleum coke auction from Paradip refinery in Odisha on 14 Nov’18.
The entire offered quantity of 60,000 MT pet coke was sold at a reserve price of INR 5,870/MT, which was INR 430/MT lower as compared to the last auction held on 29 Oct’18.
Notably, in the last auction, only 50,000 MT out of 90,000 MT pet coke was sold, thus leaving 40,000 MT pet coke as unsold inventory. Probably, this was the reason why IOC has conducted this auction earlier than normal schedule, which is at the end of every month, having delivery period for the following calendar month.
It is also worthwhile to mention that though the entire quantity offered was sold out, there has been no increase in the price bid.
The successful bidders are mostly major cement companies from Chhattisgarh and Odisha. The successful bidders are required to uplift their allotted quantities within the delivery period for the auction, specified as 15 Nov’18 to 14 Dec’18.
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