India: NMDC Chhattisgarh Iron Ore Auction Receives Weak Response
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NMDC- India's largest iron ore miner had recently conducted auction from its Chhattisgarh mines. It had conducted an auction on 13th Apr'18 for 40,000 MT calibrated lump ore, 32,000 MT ROM, 60,000 MT iron ore lump and 48,000 MT iron ore fines. As per market sources report to SteelMint, the auction received a weak response.
NMDC (C.G.) iron ore auction details-:
| Product | Grade | Size(mm) | Qty(in MT) | Location |
| DRCLO | Fe 67% | Oct-40 | 40,000 | Bacheli Mechanical Railway Siding |
| ROM | Fe 65.5% | 10-150 | 32,000 | Bacheli Mechanical Railway Siding |
| Lump | Fe 65.5% | Jun-40 | 60,000 | Kirandul Mechanical Railway Siding |
| Fines | Fe 64% | (-)10 | 32,000 | Bacheli Mechanical Railway Siding |
| Fines | Fe 64% | (-)10 | 16,000 | Kirandul Mechanical Railway Siding |
The miner kept iron ore prices unchanged for Apr'18 deliveries. It may possible that participant felt prices to be high which would have resulted in very dwindling participation.
NMDC offers for DR CLO, (Fe 67%) is currently at INR 3,480/MT, Baila lump, (6-40 mm) 65% at INR 3,000/MT and fines 64% at INR 2,660/MT. Prices are excluding Royalty, DMF, NMET & other taxes.
According to railway movement data maintained with SteelMint, NMDC supplied 375 rakes of iron ore from its Chhattisgarh mines in Mar'18, depicting marginal rise as against supply in Feb'18 which was recorded at 368 rakes then.
