Odisha Mining Corporation (OMC) had scheduled its iron ore e-auction today i.e. 05 Jun’18. Out of the total quantity of 280,000 MT iron ore lump offered, around 82% (230,000 MT) of material managed to get booked. The entire quantity of 280,000 MT put to auction was lump and the material put under the hammer was from Gandhamardan, Daitari and Koira mines.
The material put under the hammer is from Gandhamardan, Daitari and Koira mines. No traders were allowed to take part in the e-auction. The miner had kept base prices close to the bid prices in the previous auction conducted in April with Daitari mines prices increased slightly against the previous auction.
Lump offered from Koira mines received bids at INR 4,200/MT, increased sharply by INR 600/MT over the base price of INR 3,600/MT. However, bid prices from Daitari mines have increased to INR 4,107/MT against base price which was INR 3,400/MT.
Lump offered from Gandhamardhan mines received flat bids and remained close to the base price of INR 3,500/MT for 10-40 mm and INR 2,500/MT for 10-180mm.
Base price comparison of OMC iron ore e-auctions-
| Mines | Size (mm) | Fe (%) | Base Price as on 05 Jun’18 | Bid price as on 05 Jun’18 | Quantity (MT) Offer | Quantity (MT) Sold |
| Gandhamardan | 10-40 | 62% | 3,500 | 3,500 | 100,000 | 57,000 |
| 10-180 | 65% | 2,500 | 2,500 | 15,000 | 8,000 | |
| Kurmitar (Koira) | 10-40 | 62% | 3,600 | 4,200 | 65,000 | 65,000 |
| Daitari | 10-40 | 62% | 3,400 | 4,107 | 100,000 | 100,000 |
| Total | 280,000 | 230,000 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
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