JSW Steel buys its maiden lot of iron ore fines from Goa’s e-auction

In a bid to maintain continuous supply of ore, JSW Steel has bought its maiden lot of iron ore fines from Goa at a price of Rs 1,830 per tonne. This is important from the company’s point of view as it is the first time that a major domestic steel maker has participated in an e-auction of Goan ore, which is considered low grade and usually earmarked for exports. In contrast, Goa’s first e-auction of iron ore following the mining ban in September 2012, surprisingly saw zero participation from big steel companies in February this year even as exporters and mine owners bid for the commodity aggressively. It got a fairly good deal since the fines had a 58.5% iron (Fe) content. The company has also purchased another lot of 3,000 tonnes of fines of 59.5% Fe content at a price of Rs 1,970 per tonne. JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.