Karnataka Iron Ore E-auction Sales Up 4% in Jun’17

2.41 MnT iron ore sold via Jun’17 e-auctions, up by 4% M-o-M.

The month of Jun’17 witnessed an increase in purchases in Karnataka e-auctions.  The quantity of 2.41 MnT iron ore was sold in Jun’17 against 2.32 MnT in May’17, up by 4% M-o-M. Jun’17 total iron sales quantity was marginally higher compared to last month.

NMDC sold 1.09 MnT iron ore via e-auctions in Jun’17- NMDC’s iron ore sales at e-auctions were the same M-o-M at 1.09 MnT in Jun’17. Out of the total allotted quantity 0.08 MnT was offered by Mysore Minerals and rest 1.24 MnT by private miners.

JSW Steel’s iron ore purchases from Karnataka stood at 1.77 MnT in Jun’17-JSW Steel’s iron ore purchases from Karnataka e-auctions stood at 1.77 MnT in Jun’17, up 2% M-o-M. Other major iron ore buyers in Karnataka e-auction last month were MSPL Ltd, Mukand Ltd, Gerdau Steel India ltd and Minera Steel and Power.

Buyer-wise allotted quantity in Jun’17 e-auctions

Qty in MT
Source: Karnataka DMG

Major highlights of Jun’17 Karnataka e-auctions:

1. Iron ore base prices of NMDC Donimalai mines were unchanged for the month.  For NMDC Donimalai mines booking prices were- fines (Fe 60.02%) – INR 2,246-2,256/MT and lump (Fe 63.3%) – INR 2,703-2,713/MT. For NMDC Kumaraswamy mines prices were- fines (Fe 61.2%) – INR 2,202/MT and lump (Fe 63%) – INR 2,651/MT.

2. Price scenario of sponge grade lump in Jun’17 Karnataka e-auctions – Sponge grade lump (Fe 63.5%, 10-20 mm ) offered by NMDC Kumaraswamy mines was base priced at INR 2,616/MT. The lot was sold at INR 2,636-2,656/MT.

3. Base prices of iron ore offered by a private miner, Vyasankere mines,  lump (Fe 65%) were unchanged M-o-M at INR 2,850-2950/MT (basic).

4. Andhra Pradesh based steel maker Jeevaka Industries have sourced 7000 MT iron ore  form SMIORE and Goa based Vedanta Ltd have sourced two lots with the total quantity of  24,0000 MT iron ore, 20,000 MT from P Balasubba Setty & Son and the remaining G G Brothers.