Base prices of iron ore lumps offered from Koira mines have increased by INR 550/MT against previous e-auction in Dec’17. While that for Gandhamardan and Daitari mines base prices increased by INR 600/MT.
Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next e-auction on 18 Jan’18 for 480,000 MT iron ore lumps. The material to be put under hammer is from Gandhamardan, Daitari and Koira mines.
The miner has increased the base prices for materials offered from all the three mines. The base price for material offered from Gandhamardan has increased by INR 600/MT, from Kurmitar (Koira) has been increased by INR 550/MT and prices for material from Daitari mines is increased by INR 600/MT.
OMC has raised prices following the price hike announced by Odisha based major merchant miners who had raised prices by about INR 500/MT in beginning of Jan’18. Prices moved up post Supreme Court’s order to shut operations at those mines who have not been able to submit the dues specified by CEC by 31 Dec’17.
OMC received overwhelming response for its recent auction of 390,000 MT iron ore fines, conducted on 6 Jan’18. Bids went up by INR 600-800/MT against fixed base price.
Base price comparison of OMC iron ore e-auctions
|
Mines |
Size | Fe (%) | Base Price | Base Price | Change | Change | Quantity |
| (mm) | as on 06 Dec ’17 | as on 18th Jan’18 | (in INR/MT) | (in %) |
(MT) |
||
| Gandhamardan | 10-40 | 62% | 2,000 | 2,600 | +600 | +30% | 180,000 |
| Kurmitar (Koira) | 10-40 | 62% | 2,650 | 3,200 | +550 | +21% | 180,000 |
| Daitari | 10-40 | 62% | 2,600 | 3,200 | +600 | +23% | 120,000 |
| Total | 480,000 | ||||||
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
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