INDIA ORE PRICES DIP AFTER FAILURE TO PURCHASE IN E-AUCTION
November 1st, 2011
BY RAGHAVENDRA VERMA
IRON ore prices have been reduced by 10% in an electronic auction beginning today in the southern Indian state of Karnataka after a November10 failed to buy more than a million tonne of the 2.4 million tonnes of ore on offer. A committee operating these auctions, (established by the Indian Supreme Court after a series of iron ore corruption scandals in the state), had tried to sell ore at USD 50 to 80 per tonne. But faced, with failure, the committee offered two million tonnes of ore at the reduced price at today's auction. These have been ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.