India: Goa DMG announces base price for 27th iron ore e-auction

Directorate of Mines and Geology (DMG), Government of Goa, has notified the base price of iron ore lots for 27th e-auction which is to be held tomorrow (i.e. 19 Jan'22). Total quantity put for auction is 2.22 mn t with the base price ranging INR 300-450/t.

The major portion of the quantity put for auction is of low-grade with the highest grade (as per DMG analysis) at Fe 62.1%. Out of the total offered quantity, 1.33 mn t is ROM with grade ranging Fe 28-52%, 0.46 mn t is fines having Fe content 18.6-61.6% and 0.76 mn t is lump ranging Fe 38.94-62.16%.

Out of the total material put to auction, about 26%, or 0.58 mn t, is from Damodar Mangalji and Company Ltd, followed by Bandekar Brothers Pvt Ltd at 0.48 mn t and Sesa Resources Limited at 0.37 mn t. Other major suppliers include DMC at 0.3 mn t and Emco, Bimbol at 0.08 mn t.

In the last auction conducted for 1.57 million tonnes (mn t) of iron ore on 31 Aug'21, about 0.81 mn t (52% of total) was booked. The auction witnessed limited participation due to low grade iron ore being offered and weak demand in China on recently announced production curbs. The base price of the material offered was in the range of INR 350- 500/t and the bid fetched was in the range of INR 350- 2,760/t.