Indian Oil Corporation Ltd. (IOC), the country’s second-largest producer of petroleum coke, has completed online auctions of RPC (Raw Petroleum Coke) from its various refineries in the states of Bihar, Assam and Gujarat.
The auctions were conducted on Friday, 27th Dec’19 for intrastate consumers.
The results of these auctions are enumerated as follows:
| Refinery | Quantity Offered Within State
(MT) |
Reserve Price
(INR/MT) |
Bid Price
(INR/MT) |
Quantity Sold
(MT) |
Quantity Offered Outside State
(MT) |
| Barauni Refinery (Gr.A) | 11,400 | 12,970 | 13,020 | 11,400 | |
| Barauni Refinery (Gr.B) | 1,570 | 12,470 | 12,470 | 1,570 | |
| Digboi Refinery (Gr.A) | 6,900 | 11,350 | 11,350 | 6,900 | |
| Koyali Refinery (Gr.A) | 47,000 | 11,440 | 11,440 | 5,650 | 41,350 |
| TOTAL | 66,870 | 25,520 | 41,350 |
The delivery period for the intrastate e-auction is from 28th Dec’19 to 10th Feb’20.
The entire quantities offered from Barauni and Digboi refineries were sold out. However, at Koyali refinery, only 5,650 MT was sold out of 47,000 MT.
The leftover material at Koyali refinery is being offered in the auction for outside-state consumers scheduled today (31st Dec’19). The delivery period for this outside-state e-auction is from 1st Jan’20 to 14th Feb’20.
The changes in reserve prices in this auction are shown in the table below.
| Refinery | Current Reserve Price
(INR/MT) |
Previous Reserve Price
(INR/MT) |
Change
(INR/MT) |
| Barauni Refinery (Gr.A) | 12,970 | 12,850 | 120 |
| Barauni Refinery (Gr.B) | 12,470 | 12,350 | 120 |
| Digboi Refinery (Gr.A) | 11,350 | 11,120 | 230 |
| Koyali Refinery (Gr.A) | 11,440 | 12,560 | -1,120 |
It may be observed that there has been minor increase in reserve price at Barauni and Digboi refineries, ranging from INR 120/MT to INR 230/MT.
However, there has been a major decrease in reserve price by INR 1,120/MT at Koyali refinery. This is mainly due to the fact that no bid was received in the last two auctions conducted on 11th Sep’19 and 25th Oct’19.
The reserve price was INR 14,490/MT on 11th Sep’19, which was decreased by INR 1,930/MT in the subsequent auction on 25th Oct’19, and decreased again by INR 1,120/MT in this auction. This has seemingly attracted a noticeable response, considering the limited customers within state. Hence, 5,650 MT was sold out in this auction from Koyali refinery.
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