India’s single largest iron ore producer – National Mineral Development Corporation (NMDC) had put up pellets for auction on 15 Nov’16. This was for the first time that the miner offered pellets for commercial sale. The e-auction was conducted by MSTC.
NMDC offered 12,000 MT pellets (Fe 64%, +/- 0.5) in twelve different lots of 1,000 MT each. The pellets have been manufactured in NMDC’s Donimalai plant in Bellary, Karnataka and were of size ranging from 6-16 mm.
According to market sources report to SteelMint, the e-auction received a good response. Base price for the pellets was around INR 5,219/MT (basic). It was heard from sources that outside Karnataka based parties seemed interested in e-auction and bids went up by INR 50/MT and almost entire quantity offered was sold.
However the information could not be confirmed from the company officials as the bid sheets are yet to be disclosed by MSTC.
Bellary pellet prices fall by INR 100-200/MT W-o-W
Amid dull buying interest from sponge manufacturers, Bellary pellet prices have fallen by INR 100/MT W-o-W. Prices for Fe 63% pellets are seen hovering in the range of INR 5,200-5,400/MT (basic). Offers for Fe 65% pellets are heard at INR 5,750-5,800/MT (basic).
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