JSW Steel, one of India’s largest steelmakers, has raised its interest for participation in Karnataka’s e-auction owing to falling supply from Odisha. JSW Steel in FY14 had purchased about 22.8 MnT Iron ore, out of which 17.7 MnT was from Karnataka e-auction, 2.5 MnT was from Odisha and rest from NMDC (Chhattisgarh) along with other sources.
With deteriorating supply from Odisha, company was forced to go for imports and plan to import 6 MnT in FY15, according to company officials.
JSW Iron Ore purchases from Karnataka E-auction
JSW Steel, major Iron ore buyer in Karnataka e-auctions, has increased its intake by 69% (M-o-M) and was at 1.54 MnT in July. This was its highest monthly purchase quantity in FY15.
|
Month |
Total |
Material Type |
W.A Grade |
Qty |
W.A Price |
|
Apr-14 |
1,012,000 |
Fines |
58.0% |
756,000 |
1,800 |
|
Lumps |
62.3% |
256,000 |
3,925 |
||
|
May-14 |
976,000 |
Fines |
60.8% |
576,000 |
2,725 |
|
Lumps |
62.3% |
400,000 |
3,755 |
||
|
Jun-14 |
908,000 |
Fines |
59.5% |
704,000 |
2,480 |
|
Lumps |
61.4% |
204,000 |
3,830 |
||
|
Jul-14 |
1,544,000 |
Fines |
58.7% |
1,108,000 |
2,210 |
|
Lumps |
62.5% |
436,000 |
4,040 |
||
|
Total |
4,440,000 |
|
|
4,440,000 |
|
Qty in MT
W.A: Weighted Average
Prices are basic excluding Royalty 10%, VAT 5.5% (on auction price and royalty), FDT 12%
Source: SteelMint Research
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