Odisha Mining Corporation (OMC) had scheduled its iron ore e-auction today i.e. 09 May’18. Out of the total quantity of 370,000 MT material offered, around 88% (325,000 MT) of material managed to get booked. The entire quantity of 370,000 MT put to auction was fines and the material put under hammer was from Gandhamardan, Daitari and Koira mines.
According to market sources report to SteelMint, the e-auction received good response with around around 325,000 MT material receiving bids while around 45,000 MT from Koira mines remained unsold.
The miner had kept base prices unchanged for material from Daitari mines against the last fines e-auction held on 07 Mar’18. However, the miner had 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. No traders were permitted to take part in the e-auction.
Trade sources highlighted that for fines offered from Daitari mines, some quantity of material received flat bids at INR 1900/MT while the remaining (around 20,000MT) received bids up by INR 50/MT at INR 1950/MT against the set base price . Small lot offered from Gandhamardan mines was sold at bids up by INR 50/MT at INR 960/MT against the set base price of 910/MT.
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
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