Orissa Mining Corp (OMC) has scheduled its next iron ore e-auction on 3rd Sep’20. The auction is being conducted for 492,000 t iron ore, out of which 474,000 t is iron ore fines and remaining 18,000 t is lump. The miner has increased the base price by INR 300/t against last auction’s base price held in Jul’20.
In last month’s lump e-auction company’s management had decided not to hold an auction at Koira mines and so the lot was withdrawn. However, the miner has put to auction the lump lot from Koira mines in the 3rd Sep auction. In addition to it, the miner has also put to auction low grade fines of about 150,000 t at the base price of INR 1,050/t.
OMC iron ore e-auction details
Base prices in INR/t on ex-mines basis; including royalty
Source: SteelMint Research
OMC had scheduled its last iron ore fines e-auction on 3rd July’20. Out of the total quantity of 370,000 t, only 52% of the total material i.e 191,000 t received bids.
Company’s iron ore output fell from 0.22 mn t in Jun’20 to 0.13 mn t in Jul’20, according to data maintained with SteelMint. Odisha iron ore prices have rallied in last couple of months amid limited merchant availability as majority of auctioned mining leases are yet to resume production. Also, mining activities are getting hampered amid monsoons.
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