e-auction of iron ore begins

The electronic auction of iron ore as directed by the Supreme Court commenced on Wednesday and the first day of auctions witnessed the total sale of 400,000 metric tonnes at around 25 per cent more than the base price. As many as 60 buyers from the steel and sponge iron manufacturing companies in Karnataka participated in the e-auction and bought about 100 lots of 4,000 tonnes each of iron ore. The auction is understood to have fetched around Rs 180 crore.
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