State-controlled miner OMC, has recently conducted an e-auction for 625,000 MT iron ore (400,000 MT CLO & 185,000 MT fines) on 18 Apr’16. The company sold 55% of the offered quantity i.e. 363,000 MT mainly from Gandhamardan, Koira and Daitari mines.
Koira mines, from where majority of the material was offered i.e. 250,000 MT CLO & 50,000 MT fines. Out of the total offered quantity, 250,000 MT CLO and only 4,000 MT fines was sold off.
Secondly, if we talk about Gandhamardan mines, it received lukewarm response as only 34,000 MT iron ore ( 24,000 MT CLO & 10,000 MT fines) was sold, rest a whole lot of 10-180 mm offering 25,000 MT CLO remained unsold. Total, 90,000 MT CLO and 100,000 MT fines was offered from Gandhamardan mines.
For Daitari mines, offered quantity was 135,000 MT, out of which, 75,000 MT CLO was sold, rest fines remained unsold.The material sold has been procured by mainly sponge makers and steel makers from Odisha, C.G. and West Bengal region.
Result of OMC iron ore e-auction held on 18 Apr’16
| Mines | Size (mm) |
Fe (%) | Base Price on 18 Apr’16 |
Quantity offered (MT) |
Quantity Sold (MT) |
| Gandhamardan | 10-40 | 62 | 1,750 | 50,000 | 9,000 |
| 5-18 | 65 | 2,200 | 15,000 | 15,000 | |
| 10-180 | 65 | 1,550 | 25,000 | Not Sold | |
| -10 | 62-60 | 800 | 100,000 | 10,000 | |
| Kurmitar (Koira) | 10-40 | 62 | 1,750 | 250,000 | 250,000 |
| -10 | 62-60 | 900 | 50,000 | 4,000 | |
| Daitari | 10-40 | 62 | 1,800 | 100,000 | 75,000 |
| -10 | 64-62 | 1,350 | 35,000 | Not Sold | |
| Total |
625,000 |
363,000 |
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Base/bid prices in INR/MT on ex-mines basis; including of royalty
Source: SteelMint Research
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