Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next iron ore e-auction for 805,000 MT iron ore on 28 Jul’16. The company receives a moderate response. Around 374,000 MT material was sold out of the total offered quantity.
The material was offered from Gandhamardhan, Koira and Daitari Mines.
The company had slightly changed the base prices and corrected up to 11% for few grades. However, for few other grades the company has kept base prices unchanged.
Koira mines, from which majority of the material was offered (250,000 MT CLO and 70,000 MT fines) receives an overwhelming response. Out of the total 250,000 MT CLO, around 220,000 MT ( around 180,000 MT sold at base price i.e. INR 1,700/MT and 40,000 MT at INR 1,750/MT) was sold. Whereas, fines remained unsold.
Material offered from Gandhamardan mines and Daitari mines also received lukewarm responses.
Result of OMC iron ore e-auction held on 28 Jul’16
| Mines | Size (mm) | Fe (%) | Base Price on 28 Jul’16 |
Quantity Offered (MT) |
Quantity Sold (MT) |
| Gandhamardan | 10-40 | 62 | 1,700 | 70,000 | 20,000 |
| 5-18 | 65 | 2,000 | 25,000 | 24,000 | |
| 10-180 | 65 | 1,500 | 35,000 | No bids | |
| -10 | 62-60 | 800 | 135,000 | No bids | |
| Kurmitar (Koira) | 10-40 | 62 | 1,700 | 250,000 | 220,000 |
| -10 | 62-60 | 800 | 70,000 | No bids | |
| Daitari | 10-40 | 62 | 1,700 | 120,000 | 62,000 |
| -10 | 64-62 | 1,300 | 100,000 | 48,000 | |
| Total |
805,000 |
374,000 |
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Base prices in INR/MT on ex-mines basis; including of royalty
Source: SteelMint Research
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