Wednesday 18 December 2024 - 08:00

Date: 09 September 2019 , 15:36

News ID: 6440

NEWS SERVICE: MINES and MINERALS

India: JSW Steel Dolvi Procures 56,000 MT Iron Ore Fines from Karnataka Auctions

Karnataka has registered fall marginally in monthly e-auction sales volume in Aug’19. Total iron ore allotted quantity was recorded at 2.40 MnT in Aug’19 compared to 2.41 MnT in Jul’19. However, on yearly basis, Karnataka e-auction sales moved up by 8% in Aug’19 as compared to 2.21 MnT in Aug’18.

JSW (Dolvi) bought 56,000 MT fines (Fe 64%) at INR 2,725/MT from Veerabhadrappa Sangappa & Company. As per SteelMint data, this is for the first time that company procured fines from Karnataka e-auctions for its Dolvi plant.

In Aug'19 Govt of Karnataka, decided to cancel the lease renewal order of NMDC's Donimalai mines in Karnataka in an order dated 17 Aug '19 and further put for an auction sale of the expired mine lease block. Following this, NMDC had requested the Government of Karnataka to withdraw its letter stating withdrawal of NMDC Donimalai lease renewal and requested for urgent hearing on the matter by filing revision application. After this, Central Govt. mines tribunal has put a stay until the next date of hearing regarding cancellation of the lease renewal order of NMDC's Donimalai mines and on an auction for sale.

JSW Steel’s iron ore sourcing from Karnataka e-auctions decreased by 14% in Aug’19-: JSW Steel’s iron ore purchases from Karnataka e-auctions decreased sharply by 14% to 1.29 MnT in Aug'19 compared to 1.49 MnT in Jul'19. Out of 1.29 MnT iron ore sourced by JSW, Vedanta supplied 0.52 MnT increased sharply by more than three-times against 0.16MnT last month and thus contributed around 41% of total JSW sourcing.

NMDC was the second-largest iron ore supplier with 0.44 MnT down 32% as against 0.64 MnT last month. Company’s iron ore sourcing from other private mines stood at INR 0.33 MnT.

Vedanta turned out to be the largest iron ore supplier from Karnataka e-auctions in Aug’19-: Vedanta was the largest iron ore supplier via Karnataka e-auction in the month of Aug’19. Company has increased iron ore sales by four-fold to 0.65 MnT in Aug’19 as against 0.16 MnT in Jul’19.

NMDC sold 0.57 MnT iron ore via e-auctions in Aug’19, down by 20% M-o-M against 0.71 MnT last month. Out of the total quantity sold by NMDC via e-auction, around 77% of material purchased by JSW steel and rest 23% by others.

Followed by Narayan Mines Private Limited stood iron ore supplier at 0.11 MnT and B. Rudra Gouda at 0.06 MnT.