MSTC Limited, on behalf of Indian Oil Corporation Limited (IOCL), will conduct an E-auction for selling 90,000 MT of Petcoke from the Paradip refinery of IOCL.
The prospective bidders will have to deposit a pre-bid Earnest Money Deposit of INR 10, 00,000 for participating in the E-auction irrespective of their bid quantities.
The ruling offers for Petcoke(6.5% Sulphur) from USA are assessed stable at around USD 106/MT CFR India; while that for Petcoke (9% Sulphur) from Saudi Arabia are also assessed unmoved at around USD 98/MT CFR India.
Reliance Industries Limited (RIL), the largest Petcoke producer in India, has quoted its ex-works price at INR 8,100/MT, and Essar, the second largest producer has quoted its ex-works price at INR 8,090/MT. Mangalore Refinery and Petrochemicals Limited (MRPL) has priced its Petcoke at INR 6,950/MT (ex-works).
The Petcoke users in India have received another jolt—the Supreme Court extending its Petcoke ban to the entire states of Uttar Pradesh, Haryana and Rajasthan, after imposing the ban in Delhi/NCR with effect from 1Nov’17. In a bitter note, there is a talk surfaced in the Indian market that the Government of India is contemplating banning imports of the fuel.
The extension of the ban to Rajasthan has directly impacted the cement manufacturers as several cement plants are situated at the state, which bears 12% of the country’s overall lime reserves—a critical input for cement production.
The bids will be open on 29 Nov’17 at 11 am and will close at 13.00 pm.
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