MSTC to start iron ore trading soon
State-owned trading firm MSTC Ltd on wednesday said it plans to start iron ore trading through its e-auction platform from April next year with a target of two-three million tons per year.
By PTI |
MUMBAI: State-owned trading firm MSTC Ltd on wednesday said it plans to start iron ore trading through its e-auction platform from April next year with a target of two-three million tons per year (TPY).
"The company is looking to enter the spot market for iron ore trade," MSTC Chairman and Managing Director Malay Sengupta said in an interview to Metal Bulletin.
He said, "We should be able to start trading in iron ore by the start of next financial year. We are in talks with iron ore producers, mainly state-owned companies."
He did not reveal the names of the iron ore producers, but industry sources said that MSTC was in talks with national Mineral Development Corp (NMDC) and Orissa Mining Corp (OMC).
"The price discovery will be very transparent on our e-aution platform compared with what happens in normal spot trades where the buyer and the seller are never sure if they have got the right prices," Sengupta said.
MSTC's e-commerce platform generated Rs 32 billion of business in the financial year ended March 31, 2007. The company trades coal, scrap and ferro-manganese through the e-auction route.
"The company is looking to enter the spot market for iron ore trade," MSTC Chairman and Managing Director Malay Sengupta said in an interview to Metal Bulletin.
He said, "We should be able to start trading in iron ore by the start of next financial year. We are in talks with iron ore producers, mainly state-owned companies."
He did not reveal the names of the iron ore producers, but industry sources said that MSTC was in talks with national Mineral Development Corp (NMDC) and Orissa Mining Corp (OMC).
"The price discovery will be very transparent on our e-aution platform compared with what happens in normal spot trades where the buyer and the seller are never sure if they have got the right prices," Sengupta said.
MSTC's e-commerce platform generated Rs 32 billion of business in the financial year ended March 31, 2007. The company trades coal, scrap and ferro-manganese through the e-auction route.
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