Recent Karnataka E-Auctions Fetch Flat Bids

Karnataka iron ore e-auctions held on 26th & 27th May’15 fetched flat bids.

As per the results declared by MSTC, 1.3 MnT iron ore was sold via two recent Karnataka e-auctions.

Highlights of E-auction held on 26 May’15

1. 1.49 MnT iron ore was offered by NMDC Donimalai mines & private miners, out of which 1.22 MnT was sold
2. NMDC Donimalai mines sales amounted to 0.7 MnT and remaining 0.52 MnT was sold by private mines. Also, NMDC procured 20,000 MT fines for its upcoming pellet plant at Bellary
3. Iron ore offered by NMDC fetched flat bids. Fines (Fe 60.5%) was sold at INR 1,554/MT. Similarly, lump (Fe 62.5%) was allotted at INR 2,675/MT
4. Fines (Fe 62%) offered by private mines was sold at INR 1,615/MT. Lump (Fe 63.2%) was allotted at INR 2,620/MT (Grade & prices are weighted average).
5. Largest buyer was JSW Steel at 1 MnT

Highlights of E-auction held on 27 May’15

1. 0.42 MnT iron ore was offered by NMDC Kumarswamy mines. Out of this, only 19% i.e 80,000 MT was sold
2. Fines (Fe 60.2%) was sold at INR 1,350/MT and lump (Fe 61.9%) was allotted at INR 2,480/MT against base price of INR 2,420/MT (Grade & prices are weighted average).
3. JSW Steel was the largest buyer at 68,000 MT

Iron ore sales via Karnataka e-auctions has witnessed improvement this month. Till the e-auctions held on 27 May’15, 2.86 MnT iron ore has been sold. Total sales amounted to 1.75 MnT in Apr’15.

Note: Prices mentioned above are basic