Though e-auction of iron ore commenced on Wednesday, it is surprising to see no bidders for certain grades of iron ore with less than 60 per cent Fe content in spite of acute shortage of iron ore.
“The reserve price fixed for low grade iron ore is higher by around 75 per cent relative to recently auctioned iron ore price for similar grade in the e- auction incidentally also done by NMDC through MSTC,” said BCIC.
“The arbitrary fixation of reserve price for low grade iron ore deterred steel companies to bid for this ore”, the chamber added.
Published 16 September 2011, 14:42 IST