Odisha’s state-owned miner- Odisha Mining Corporation (OMC) had scheduled its iron ore e-auction today i.e. 09 Jul’18. Total quantity put under the hammer was 420,000 MT iron ore fines The material was from Gandhamardan, Daitari, and Koira mines. Traders were restricted to take part in this auction.
According to market sources report to SteelMint, the e-auction received a good response. Out of the total quantity of 420,000 MT iron ore Fines offered, around 80% (334,000 MT) of material got booked.
Bids for fines offered from Gandhamardan mines remained higher by INR 150-200/MT over the set base price of INR 1,100/MT. Material offered from Daitari mines also observed an increase in bids by INR 50-100/MT against base price which was INR 2,080/MT. However, fines offered from Koira mines did not observe much change in bids. For Koira mines base price was set at INR 850/MT.
As per market sources few major participants in the e-auction were – Jindal Steel & Power and Vizag Steel.
Base price comparison of OMC iron ore e-auctions-
| Mines | Size | Fe (%) | Base Price as on 09th May’18 | Base Price as on 09th July’18 | Bid Price as on 09th July’18 | Offered Quantity |
| (mm) | (INR/MT) | (INR/MT) | (MT) | |||
| Gandhamardan | -10 | 60-62 | 910 | 1100 | 1,250-1,300 | 150,000 |
| Kurmitar (Koira) | -10 | 62-60 | 800 | 850 | 850 | 150,000 |
| Daitari | -10 | 64-62 | 1900 | 2,080 | 2,130-2,180 | 120,000 |
| Total | 420,000 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
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