TEAM HERALD
PANJIM: Steel mills – though many had registered – stayed away from the first round of iron ore auction conducted by the government on Monday. Local mining heavyweights like Fomento, Sesa Goa, Chowgule participated even as domestic steel mills like JSW, Jindal, Ispat, Mohit Steel, Bharti Steel, to name a few, shied away from the e-auction.
As per the Supreme Court order, some 5,45,000 tonnes of iron ore of grade between 43.88% and 58% Fe content was auctioned in two parts – first of 1,25,000 tonnes was held for smaller lots of less than 10,000 tonnes and the second for 4,20,000 tonnes.
Industry sources say that the local steel industry was not benefited in any way and local traders came “in new clothes”. Experts put it down to probable reasons like low grade, excess moisture and inability to move the ore to their plants. However, reportedly they would participate in future auctions.
For example JSW Steel was reported to have said that it would participate for its Dolbi plant in Alibaug, Maharashtra.
Some 11.5 million tonnes of iron ore is still lying at stockyards and another round of bidding could be held as early as next month.
