In the recent Karnataka iron ore e-action held yesterday (24th June’20), a total of 460,000t iron ore was put to auction by private miners. Out of the total, 332,000t (232,000t stood fines and 100,000t lumps) received bids while remaining 128,000t was unsold.
Due to increasing number of COVID-19 cases in Karnataka, few areas are under lockdown which has restricted transportation, resulting in less participation in recent auction, SteelMint learnt from market sources.
Out of the total allotted quantity of 332,000 t, Vedanta stood the largest supplier at 168,000 t followed by R. Praveen Chandra at 80,000t, Cowgule & Company Pvt. Ltd at 36000t and P. Balasubba Setty & Son at 24,000t.
| Supplier | Fines | Lumps | Total |
| Vedanta Ltd. | 128,000 | 40,000 | 168,000 |
| R. Praveen Chandra | 60,000 | 20,000 | 80,000 |
| Chowgule & Company Pvt. Ltd. | 28,000 | 8,000 | 36,000 |
| P. Balasubba Setty & Son | 16,000 | 8,000 | 24,000 |
| B. Rudra Gouda | – | 20,000 | 20,000 |
| Veerabhadrappa Sangappa & Company | – | 4,000 | 4,000 |
| Grand Total | 232,000 | 100,000 | 332,000 |
Qty in t
Source: DMG
The highest grade of Fe 63.8% lumps put to auction by Veerabhadrappa Sangappa & Company at a base price of INR 3,125/t received flat bids with entire quantity of 4000t being booked. P. Balasubba Setty & Son received flat bids at INR 2,100/t for 16,000t fines Fe 61.44% put to auction.
Iron ore fines of 24,000t supplied by Chowgule & Company Pvt. Ltd. for Fe 62.3% received rise in bids by upto INR 70/t against the set base price of INR 1530/t. However, the low grade fines of Fe 58.4% with base price at INR 1,225/t received bids at INR 1335/t.
The low grade iron ore fines Fe 58.75% supplied by Vedanta Ltd. received flat bids at INR 951/t for 128,000t.
JSW Steel Ltd secured the largest amount of iron ore in the auction at 184,000t, followed by JSW Steel Limited Salem Works at 24,000t, and Prakash Sponge Iron And Power Pvt Ltd at 20,000t.
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