Metal Scrap Trade Corporation (MSTC), a Government of India Enterprises has declared the e-auction results for NMDC and various mines, held on 17 Jan, 2014.

Total 1.9 MnT of Iron ore was offered in the e-auction of which 1.5 MnT Iron ore was purchased by the bidder. In the total purchased quantity 1.3 MnT was sub grade ROM.

JSW is the biggest buyer for sub grade ROM with 0.9 MnT whereas 0.4 MnT ROM purchased by X-India. ROM price in the e-auction was increased by 66% over the floor price to INR 1,790/MT.

Iron ore fines prices increased by INR 180/MT in comparison to last e-auction. Iron ore fines price  in last e-auction for Fe 60 was at INR 2,580/MT. In 17 Jan e-auction, Iron ore fines for Fe 60 were sold at INR 2760/MT.

NMDC

NMDC Kumarswamy’s Iron ore e-auction, bidders shows less interest in the purchase of Iron ore as only 42% of Iron ore was purchased. 120,000 MT of the Iron ore was sold out of 280,000 MT offered. JSW was the main buyer for Iron ore fines and lumps with 36,000 MT fines and 40,000 MT lumps.

Other mines & Stockyards

In other mines and stockyard e-auction, 1.4 MnT of the Iron ore was sold out of 1.6 MnT offered. 40,000 MT of Iron ore fines and 48,000 MT of lumps were sold. Sesa Sterlite was the main buyer for Lumps with 16,000 MT. XIndia Steels was the main buyer for fines with 20,000 MT.

Average Iron Ore Prices in E-auction

Fe 60 Fines: INR 2,760/MT
Fe 57 Fines: INR 2,750/MT
Fe 63 Lumps: INR 3,824/MT
Fe 62 Lumps: INR 3,706/MT

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