Thursday, 15 Sep 2011
BS reported that the E auction of iron ore as directed by the Supreme Court commenced and on the first day of auctions witnessed the total sale of 400,000 tonnes at around 25% more than the base price.
The auctions were held through the e-auction portal www.mstcecommerce.com.
As many as 60 buyers from the steel and sponge iron manufacturing companies in Karnataka participated in the E auction and bought about 100 lots of 4,000 tonnes each of iron ore.
The auction is understood to have fetched around INR 180 crore.
According to industry sources the public sector MSTC, which was appointed by the Supreme Court to conduct the auction had fixed a base price of INR 2,700 per tonne for iron ore fines and INR 3,700 per tonne for iron ore lumps with 63% and above grade.
(Sourced from BS)
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