Odisha Mining Corporation (OMC) has scheduled its next iron ore fines e-auction on 09 May’18.
Odisha Mining Corporation (OMC), a state-owned miner is to conduct next e-auction for 370,000 MT iron ore fines on 09 May’18. The material put under hammer is from Gandhamardan, Daitari and Koira mines.
The miner has kept base prices unchanged for material from Daitari mines against the last fines e-auction held on 07 Mar’18. However, the miner has reduced the prices for material being offered from Gandhamardan and Koira mines by INR 90/MT (9% ) and INR 200/MT (20%) respectively as against the last e-auction. Odisha based major merchant miners had cut fines prices by INR 100-150/MT in Apr’18.
No traders shall be allowed to take part in the e-auction.
Base price comparison of OMC iron ore e-auctions-
| Mines | Size | Fe (%) | Base Price as on 06th Jan’18 | Base Price as on 07th Mar’18 | Base Price as on 09th May’18 | Change | Change | Quantity |
| (mm) | (INR/MT) | (INR/MT) | (INR/MT) | (INR/MT) | (%) | (MT) | ||
| Gandhamardan | -10 | 60-62 | 1,000 | 1,000 | 910 | -90 | -9% | 130,000 |
| Kurmitar (Koira) | -10 | 62-60 | 1,000 | 1,000 | 800 | -200 | -20% | 150,000 |
| Daitari | -10 | 64-62 | 1,900 | 1,900 | 1,900 | – | – | 90,000 |
| Total | 370,000 | |||||||
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
OMC’s last e-auction was held on 04 Apr’18 for 329,000 MT iron ore lumps. The complete quantity was booked with bids ranging from INR 50- 900/MT over the set base price. Compared to its previous OMC iron ore lump e-auction conducted on 18 Jan’18, the bids fetched in this e-auction were lower for Koira mines by INR 600-750/MT. However bids for iron ore offered from other mines, were slightly up by INR 50-100/MT.
According to the recent update on OMC website, the company has witnessed production at 7.92 MnT in FY’18, up 24% Y-o-Y as against 6.37 MnT in FY’17. OMC contributes around 8-10% of total state’s iron ore production.
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