Indian Oil Corporation Ltd. (IOC), the country’s second-largest producer of petroleum coke, has announced online auctions of RPC (Raw Petroleum Coke) from its various refineries.
The auctions are scheduled on 22nd and 23rd Jun’20 for intrastate consumers. The leftover quantity will be auctioned on 25th and 26th Jun’20 for outside state consumers.
Details of the auction are enumerated as follows:
| Refinery | Quantity Offered Within State | Date of Auction Within State | Date of Auction
Outside State |
| Barauni (Gr.A) | 7,340 | 23rd Jun’20 | 26th Jun’20 |
| Bongaigaon (Gr.A) | 19,940 | 23rd Jun’20 | 26th Jun’20 |
| Guwahati (Gr.A) | 9,000 | 22nd Jun’20 | 25th Jun’20 |
| Digboi (G.rA) | 8,500 | 22nd Jun’20 | 25th Jun’20 |
| Koyali (Gr.A) | 22,920 | 22nd Jun’20 | 24th Jun’20 |
| TOTAL | 67,700 |
The delivery period for both Within State and Outside State e-auctions will be for 45 days. For Within State, it will be from 24th Jun’20 to 7th Aug’20, while for Outside State it will be from 27th Jun’20 to 10th Aug’20. Eligible bidders are required to submit their earnest money deposit (EMD) amounts to MSTC as per terms of the auction.
Further, quantity for outside state consumers shall be intimated on 22nd and 23rd Jun’20 by MSTC after completion of intrastate auctions for the quantities left over, if any. Outside state bidders are required to make pre-bid EMD payment according to terms of the auction.
Notably, auction for high-ash RPC was completed recently on 9th Jun’20 for Barauni refinery. In this auction entire quantity of 27.8 kilotons was sold out at reserve price.
Earlier, a round of auction for normal grades of RPC was conducted on 18th May’20 for Bongaigaon, Digboi and Koyali refineries for 20,000, 7,500 and 23,000 tonnes respectively. Poor responses were received in those auctions, specifically at Bongaigaon and Digboi. The reserve prices in these auctions were INR 14,490/t, INR 14,540/t and INR 11,610/t respectively.
Market participants informed that the main reasons for such poor responses were the high reserve prices and low demand due to ongoing Covid-19 pandemic.
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