Indian Oil Corporation Ltd. (IOCL) (NSE: IOC, BSE: 530965) has completed its petroleum coke auction from Paradip refinery in Odisha on 2 Jan’19.
The entire offered quantity of 70,000 MT pet coke was sold above the reserve price in this auction. The highest bid was INR 90/MT more than the reserve price.
IndianOil has increased the reserve price by INR 180/MT to INR 5,420/MT in the current auction from INR 5,240/MT in the last auction which was held on 6 Dec’18.
Notably, in the last auction also, the entire quantity of 90,000MT was sold above the reserve price. This indicates that the demand has gradually picked up in recent auctions.
The successful bidders are mostly major cement companies from Chhattisgarh and Odisha, who are required to uplift their allotted quantities within the delivery period, specified as 3 Jan’19 to 2 Feb’19.
Source: CoalMint Research
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