Orissa Mining Corporation (OMC), a state owned Iron ore miner, received bids lower by INR 200-400/MT in Q4 FY14 owing to falling iron ore prices in global market.
OMC which had floated a tender for sales of around 131,000 MT Iron ore fines for Q4 FY14, having Fe content between 54% to 62% on 7 Feb, 2014 from its different mines located in Odisha, has received bids lower by INR 200-400/MT.
Market sources highlight that bid price have been low owing to weak demand and falling prices in Chinese market. Sources confirm that most of the bids were placed by traders & exporters.
OMC is one of the largest merchant Iron ore producers in Odisha which produced around 2.5 MnT in FY13 and 1.1 MnT in FY14 (till December). Some of its client list includes – Bhushan Steel, Bhushan Power, Monnet, Sarda, Visa and many other prominent steel makers.
OMC Iron Ore Fines Q4 Prices
|
Mines |
Grade |
Qty (MT) |
Q4 Prices |
Q3 Prices |
Change |
Bidder |
|
Barbil |
62-60 |
15,000 |
1,520 |
1,900 |
– 380 |
Kashvi Power |
|
Gandhamardhan |
62-60 |
50,000 |
1,906 |
2,276 |
– 370 |
Kashvi Power |
|
Gandhamardhan |
60-54 |
30,000 |
1,330 |
1,700 |
– 370 |
Umang Udyog |
|
Koira |
62-60 |
30,000 |
1,818 |
1,900 |
– 82 |
Sarda Energy |
|
Daitari |
64-62 |
8,100 |
– |
1,502 |
– |
– |
|
Total |
133,100 |
Basic Prices in INR/MT; Q4 Prices are only highest bid prices
Source: SteelMint, Market Sources
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