India: KIOCL Procures Iron Ore Fines from Karnataka E-Auction

Southern India based pellet maker – KIOCL participated Karnataka iron ore e-auction on 21st Sept 2019. Company has procured around 8,000 MT fines (Fe 59%) from Iyli Gurunath Iron Ore Mine Karnataka at INR 2,065/MT (basic prices, taxes extra).

As per the SteelMint data, the public limited company has participated in Karnataka e-auction after a gap of 6 years approximately. Last they had participated on Oct 10, 2013.

KIOCL generally procures iron ore from NMDC (Chhattisgarh) mines apart from imports & nearby domestic sourcing. Tight supplies from NMDC (C.G.) over monsoons could be one reason behind participating in Karnataka e-auctions.

According to rake movement data maintained with SteelMint, KIOCL procured 20 rakes in Aug’19 compared to 35 iron ore rakes from NMDC in Jul'19.

State-owned pellet maker - KIOCL (Kudremukh Iron Ore Company Ltd) recorded enhanced pellet production for first quarter FY20. The production recorded at 0.61 MnT, above the set target of 0.49 MnT. The production marked 38% increase Y-o-Y as against Q1 FY’19 production at 0.44 MnT.