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India: No bids received in SAIL's iron ore fines auction from Barsua mines

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Fines/Lumps

BigMint Bureau

740 Reads

17 Jul 2020, 16:28 IST

India: No bids received in SAIL's iron ore fines auction from Barsua mines

Steel Authority of India (SAIL) had scheduled an auction for 100,000 t iron ore fines (Fe 61.3%) from its Barsua iron ore mines in Odisha yesterday (16th Jul'20).

The auction failed to fetch bids from participants. The base price was set at INR 1,300/t (loaded to rake). Royalty, DMF, NMET & other taxes were not included in the base price.

Though the base price was very competitive but royalty rates are not rationalised in case of SAIL. It is to be noted that in case of SAIL auction from Bolani & Barsua they pay royalty equivalent to lumps and thus the actual base price will be INR 2,300/t. SteelMint's Odisha iron ore fines (Fe 63%) assessment this week was reported around INR 2,000/t ex-mines, including royalty, DMF & NMET.

The previous SAIL auction on 7th Jul'20 for 100,000 t iron ore fines (Fe 62.5%) from Bolani iron ore mines also remained unsold. The base price for that auction was set at INR 1,600/t, excluding royalty and other taxes.