MSTC Limited, on behalf of Indian Oil Corporation Limited (IOCL), has announced an e-auction for selling 90,000 MT of petroleum coke from their Paradip refinery in Odisha, scheduled on 27 Feb’19.
The salient features of this auction are enumerated as follows:
- Prospective bidders are required to submit pre-bid earnest money deposit (EMD) amount of INR 10,00,000 to participate in this e-auction irrespective of their intended bid quantity.
- Minimum bid quantity for any customer is 10,000 MT.
- Reserve price would be declared in live auction.
- Delivery Period: Mar’19
Notably, the offered quantity in this auction is comparatively higher than the quantity of 70,000 MT offered in the last auction, which was conducted on 2 Feb’19.
In the last auction, the entire offered quantity of 70,000 MT pet coke was sold at a higher price of INR 7,010/MT above the reserve price of INR 5,510/MT. In fact, this was the all-time highest increase in bid price over reserve price, since beginning of the auctioning system at Paradip refinery.
Major cement manufacturers and certain steel producing companies from Odisha, Chhattisgarh and Jharkhand are expected to participate in this auction.
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