A total of 3,76,000 MT of Iron ore was offered by NMDC on the 5th of January through e-auctions in the state of Karnataka, from its Donimalai and Kumarswamy mines.
The bid price was a 2.58% increase over the floor price, the e-auction fetched 12 bids in total for high grade iron ore of Fe% 61 to 64.
NMDC was able to sell out only 35% i.e. 1,32,000 MT of the raw material. JSW Steel Limited was again the biggest buyer and lifted 88,000 MT of iron ore fines.
According to steelmakers in Karnataka, “The state owned entity is raising iron ore lumps prices in e-auctions. It is difficult on our part to buy the high grade raw material as the cost of production is quite high. The total landed cost comes to Rs 5,500-6000 and margins are being hurt”.
Leave a Reply