E-auction of ore falls below target
The monitoring committee in charge of selling 25 million metric tonnes (MTs) of iron ore in Bellary, Chitradurga and Tumkur through e-auctioning has managed to sell only about 0.272 million MT of ore in the first week.
The e-auctioning process which began on September 14, apparently had 18 to 20 companies participating in it. Out of the 0.39 million MT of ore exposed, only about 0.272 million MT of ore was sold. The committee has decided to hold the auction once every 15 days, as opposed to the earlier plan of weekly auctions.
APCCF member Dipak Sharma said conducting auction once in seven days was posing a problem. “The sale proceedings and the formalities involved are consuming a lot of time. Hence we decided to hold the e-auction once in 15 days. The first batch of ore sold is below the target, but we are exposing about one million MT of ore in the next auction,” he added. Sharma however said that the date for the next auctioning was yet to be fixed.
The auctioning is being conducted through www.mstcecommerce.com
