India: Entire Quantity Booked in Recent NMDC's Karnataka Iron Ore E-auction

India's largest iron ore miner - National Mineral Development Corporation (NMDC) had scheduled iron ore e-auction from its Karnataka mines on 12th May.

The major highlights of the auction are as follows:

--The total quantity put to auction was 400,000 MT and the entire quantity was booked. Out of the total quantity of 400,000 MT, fines contributed 70% of total i.e 280,000 MT while remaining 120,000 MT was lumps.

--The auction received flat bids i.e at base price. JSW Steel booked major chunk of the material at 324,000 MT followed by Arjas Steel Private Ltd at 52,000 MT and NMDC at 24,000 MT.

--The base price and bid price for fines (Fe 61%) stood at INR 1,610/MT (Ex-mines, Royalty, DMF, and NMET excluded) and for lumps (Fe 62.5%) the base price stood at INR 2,499 (Ex-mines, Royalty, DMF, and NMET excluded).

The total quantity put up for auction as on 6th May by NMDC was 84,000 MT lumps and only 36,000 MT got booked entirely by JSW Steel at base price. The miner had decreased its floor prices by around INR 300-400/MT in both lumps and fines, depending on grades for Karnataka e-auctions for May'20 auction.

Highlights of iron ore e-auction held on 6th May -
In another e-auction conducted on 6th May by B. Rudra Gouda, Ramanadurga Iron Ore Mine, P. Balasubba Setty & Son and Vedanta Ltd. A total of 749,673 MT iron ore was put to auction out of which 329,000 MT received bids. The material offered was from private miners - B. Rudra Gouda, Ramanadurga Iron Ore Mine recived flat bids, ore from P. Balasubba Setty & Son received bids above base price by up to INR 10/MT . The material from Vedanta Ltd. fetched bids above base price by upto INR 50/MT.