In a recent e-auction conducted by the state controlled miner-OMC, Tata Steel procured more than 95% material which was put under hammer.
OMC had put forward an e-auction for 50,000 MT Fe 64-62% fines from Daitari mines to be conducted on 04 Jul’16.
The company received an overwhelming response as out of the 50,000 MT fines put under e-auction, Tata Steel procured around 48,000 MT for its Kalinganagar Plant. The steelmaker has steel plant with the capacity of 3 MnT pa at Kalinganagar.
According to market participant, the material has been procured at the base prices only. The company had kept base prices for Daitari fines at INR 1,350/MT and had not corrected it since long.
The next auction to be conducted is likely to be held on 26 Jul’16 for Chrome ore and on 28 Jul’16 for iron ore. However, in between if few lots to be auction comes up, the company will issue auction notice as per the schedule, he added.
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