JULY 2024990 PERCENT OF 5G BANDWIDTH BIDDING CONCLUDED ON DAY ONE OF AUCTIONINDIA & CHINA LEAD AS TOP DESTINATIONS FOR RUSSIAN FUEL OIL EXPORTSTOP STORIESThe first day of India's second 5G spectrum auction saw bids totaling about Rs 11,260 crore across five rounds. Bidding activity was particularly strong for the 900 MHz, 1800 MHz, and 2100 MHz bands, with offers exceeding the base prices in multiple telecom circles. While around 90 percent of the auction activity was completed on the first day, there is a possibility that the auction could extend into a second day or more, as seen in the previous auction in July 2022, which lasted seven days despite initial expectations of a shorter duration.Bharti Airtel and Vodafone Idea (Vi) are actively bidding in regions where their spectrum licenses are set to expire this year. Notably, bids for the 1800 MHz band exceeded the reserve price in Bihar, West Bengal, Madhya Pradesh, and UP-East. Similarly, bids for the 900 MHz band were higher than the base price in Punjab, Rajasthan, UP-East, and West Bengal, and for the 2100 MHz band in Assam, J&K, and the Northeast.The government has put up 10.5 GHz of 5G airwaves for sale, valued at Rs 96,238.45 crore at reserve prices. Bharti Airtel is seeking to renew its licenses in six circles: J&K, Odisha, Bihar, UP-East, West Bengal, and Assam. Vi is looking to renew its permits in UP-West (900 MHz) and West Bengal (1800 MHz).The auction will resume today, with expectations that it might conclude soon if the current bidding trends continue. In May, Indian and Chinese markets emerged as significant destinations for Russian seaborne exports of fuel oil and vacuum gasoil (VGO), according to traders and data from LSEG (London Stock Exchange Group). These exports totaled approximately 4 million metric tons, marking a 12 percent increase from April, supported by the completion of seasonal maintenance activities.For India, direct shipments of fuel oil and VGO from Russian ports increased to 0.7 million tons in May from 0.6 million tons in April. Similarly, China saw an uptick in Russian fuel oil loadings to about 520,000 tons compared to 450,000 tons in April, based on Reuters calculations and LSEG data.Both countries import straight-run fuel oil and VGO primarily for refining purposes, which helps partially offset more expensive Urals crude oil barrels, as noted by traders.Elsewhere, Saudi Arabia's imports of dirty oil products from Russian ports doubled month-on-month to 430,000 tons in May. This increase is attributed to the demand for fuel oil for power generation during the hot summer season.Conversely, fuel oil loadings to the Ain Sukhna Terminal in Egypt decreased to 200,000 tons in May from nearly 500,000 tons in April, based on LSEG data. Meanwhile, shipments to Malaysia rose to 320,000 tons from 190,000 tons in April, while deliveries to Fujairah declined to 90,000 tons from 60,000 tons.Additionally, around 450,000 tons of VGO and fuel oil loaded in Russian ports in May were destined for ship-to-ship transfers near Greece and Malta, with a significant portion eventually making its way to Asian markets, according to market sources.
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