Steel Authority Invites Bids for 25,000 Tons of Iron-Ore Fines...

Steel Authority Invites Bids for 25,000 Tons of Iron-Ore Fines

By Debarati Roy

Oct. 13 (Bloomberg) -- Steel Authority of India Ltd., the nation's biggest state-owned steelmaker, invited bids to sell 25,000 tons of iron-ore fines, the company said in an advertisement published in the Economic Times newspaper today.

The iron ore with ferrous content of between 58 percent and 60 percent will be sold through an auction, according to the advertisement. Bidders must submit offers by Oct. 23.

Out of every 100 metric tons of iron ore produced in India, 60 tons are fines and the rest are lumps. The iron-ore price from London-based Rio Tinto Group rose 9.5 percent to $51.47 a ton this year, according to Bloomberg's calculation. Reference prices are usually taken from fines ore as it represents 60 percent of the traded market.