Odisha Mining Corporation (OMC) has recently conducted an e-auction for 195,000 MT iron ore (120,000 MT fines & 75,000 MT lump) on 30 Dec’15. The company had received moderate responses in the e-auction as almost 49% of the material offered in the e-auction was sold.
This time, the company had reduced the base prices by upto 28%. The material was offered from Gandhamardan and Koira mines and sold at base prices itself.
Out of the total material offered from Gandhamardan mines, majorly 15,000 MT Fe 65% 10-180 mm lump and 80,000 MT fines was sold from Gandhamardan mines. As per sources, CLO offered from Gandhamardan mines was basically procured by sponge manufacturers and fines were majorly procured by Rashmi Metalliks and few traders.
On the other hand, 20,000 MT low grade fines were offered from Koira mines. However, due to some reasons, the lot offered from Koira mines was called off. As per sources, the material offered form Koira mines will be again offered in the next e-auction to be conducted within 15 days.
Result of OMC iron ore e-auction held on 30 Dec’15
|
Mines |
Size (mm) | Fe (%) | Base Price on 30 Dec’15 |
Quantity Offered |
Quantity |
| Gandhamardan | 10-180 | 65 | 1,500 | 25,000 | 15,000 |
| 10-40 | 62 | 1,750 | 50,000 | 1,000 | |
| -10 | 62-60 | 900 | 100,000 | 80,000 | |
| Koira Mines | -10 | 56-52 | 350 | 20,000 | – |
| Total |
96,000 |
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Quantity in MT
Base & bid prices in INR/MT on ex-mines basis; including of royalty
Source: SteelMint Research
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