Indian Oil Corporation Ltd. (IOC) has conducted online auctions of RPC (Raw Petroleum Coke) from its various refineries on 26th Nov’20 for intrastate consumers.
Results of the auctions are enumerated as follows:
| State | Refinery | Quantity Offered Within-State (t) | Quantity Sold Within-State (t) | Reserve Price (INR/t) | Bid Price (INR/t) | Quantity Offered Outside-State (t) |
| Bihar | Barauni (Gr.A) | 10,000 | 10,000 | 19,080 | 19,080 | |
| Bihar | Barauni (Gr.B) | 3,880 | 3,880 | 18,580 | 18,620 | |
| Gujarat | Koyali (Gr.A) | 20,000 | 7,700 | 15,940 | 15,940 | 12,300 |
| TOTAL | 33,880 | 21,580 | 12,300 | |||
Delivery period for the within-state e-auctions will be for 45 days. Accordingly, intrastate dispatches has commenced from 27th Nov’20 till 10th Jan’21.
This auction received a good response and entire quantity was sold out at Barauni refinery for both Groups A and B materials. While Group A was sold at the reserve price of INR 19,080/t, Group B was sold at a premium of INR 40/t at INR 18,620/t.
Meanwhile, the response at Koyali refinery is also quite satisfactory considering the lower customer base in Gujarat. In all probability, this is the highest quantity ever sold in an intrastate auction at Koyali.
Outside-State auctions have been scheduled for Koyali refinery on 28th Nov’20 for the leftover quantity of 12,300 t from the Within-State auction.
The changes in reserve prices in this auction as compared to the last auction are as follows:
|
Refinery |
Reserve Price Current Auction (INR/t) | Reserve Price Previous Auction (INR/t) |
Difference (INR/t) |
| Barauni (Gr.A) | 19,080 | 18,910 | 170 |
| Koyali (Gr.A) | 15,940 | 14,320 | 1,620 |
Notably, the increase in reserve price is higher in case of Koyali as compared to Barauni. This is due to the reason that the last auction for Koyali was conducted in 1st week of September, after which pet coke prices have increased in the market. The last auction for Barauni was conducted in the first week of this month itself and hence the increase is nominal.
Market participants expect that there would be good response from the Outside-State consumers in the forthcoming auction. This is due to the fact that at present the availability of anode grade RPC is very limited in the international market.
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