Metal Scrap Trade Corporation (MSTC), a Government of India Enterprises has declared the e-auction results for NMDC and various mines, held on 9 Jan, 2014. The total quantity 0.84 MnT Iron ore was offered in the e-auction.

NMDC offered 276,000 MT of Iron ore in e-auction out of which 128,000 MT (46%) sold. 56,000 MT of fines sold by NMDC out of 76,000 MT offered. Other mines sold 296,000 MT (53%) out of 560,000 MT offered for sale.

Bidders show less interest to purchase of Iron ore fines because of high prices in the e-auction. Total quantity of fines offered in the e-auction was 432,000 MT out of which only 244,000 MT (56%) of fines purchased by bidders.

E- auction: NMDC

Iron ore price rise by 13.8% over floor price in the e-auction. The average Iron ore fines price for Fe 60 was INR 2,987/MT. JSW purchase 40,000 MT of Iron ore fines and the average Iron ore lumps price for Fe 62 in the e-auction was INR 3,706/MT.

JSW is the key buyer in the e-auction with 80,000 MT Iron ore purchased followed by BMM Ispat 72,000 MT.

E-auction: Other Mines & Stockyards

Iron ore lumps unsold in the e-auction. 188,000 MT of fines sold in the e-auction out of 232,000 MT offered. The main buyer for fines in the e-auction was JSW with 0.1 MnT followed by BMM Ispat 24,000 MT.

Iron ore fines price up by 22% and ROM price up by 3.84% in the e-auction. Average Iron ore fines and Rom price are as follows:

Fe 65 Fines: INR 3,050/MT
Fe 63 ROM: INR 2,665/MT
Fe 62 ROM: INR 2,554/MT

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