Odisha Mining Corporation (OMC) has scheduled an e-auction on 02 Apr’15 for 385,000 MT Iron ore through MSTC.
The state run Odisha Mining Corporation (OMC) has put forward 385,000 MT Iron ore (155,000 MT Iron lumps and 230,000 MT Iron fines) for auction on 02 Apr’15. The material has been offered from Barbil, Gandhamardan and Daitari mines.
It is assessed that the company has kept its base price unchanged for Iron ore lump – Barbil, Gandhamardan (Fe 62%), Daitari mines and for Iron fines – Barbil and Gandhamardan. Also, the company has reduced the base price for CLO offered from Gandhamardan mines (Fe 65%) by 23% and Iron fines offered from Daitari mines, Fe 60-62% and Fe 62-64% by 11% and 9% respectively.
Base Price Comparison in Iron Ore E-auctions
|
Iron Ore Lumps |
||||||||
| Region | Size (mm) |
Grade (Fe%) |
Previous Base Price | Current Base Price (02 Apr’15) |
% Change |
Current Qty Offered (MT) |
||
| On 20 Feb’15 |
On 27 Feb’15 |
On 07 Mar’15 |
||||||
| Barbil | 10-40 | 62 | – | 3,237 | – | 3,237 | 0 | 15,000 |
| Gandhamardan | 10-40 | 62 | – | – | 3,000 | 3,000 | 0 | 30,000 |
| Gandhamardhan | 10-180 | 65 | 3,437 | – | – | 2,650 | -23 | 10,000 |
| Daitari | 10-40 | 62 | – | – | 3,000 | 3,000 | 0 | 100,000 |
| Total |
155,000 |
|||||||
|
Iron Ore Fines |
||||||||
| Barbil | (-) 10 | 60-62 | – | 1,500 | – | 1,500 | 0 | 30,000 |
| Gandhamardan | (-) 10 | 60-62 | – | 1,520 | – | 1,520 | 0 | 90,000 |
| Gandhamardan | (-) 10 | 54-60 | 1,333 | – | – | 1,333 | 0 | 10,000 |
| Daitari | (-) 10 | 60-62 | 2,261 | – | – | 2,000 | -11 | 25,000 |
| Daitari | (-) 10 | 62-64 | 2,427 | – | – | 2,200 | -9 | 75,000 |
| Total |
230,000 |
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Base price in INR/MT on ex-mines basis; inclusive of royalty
Source: SteelMint Research
Previous base price as on rescheduled auction of 20 Feb’15.
Pitiful responses in the last Iron ore e-auctions
Earlier, on 20 Feb’15, the company had put forward 257,000 MT Iron ore (99,000 MT Iron lump and 158,000 MT Iron fines) for auction. Due to inadequate bidding response, the company managed to sell only 13% (32,000 MT) of total quantity, re-auctioned the left over material on 27 Feb’15 (base price cut by 27%) and on 07 Mar’15 (base price cut up to 7-10%); received lukewarm responses again.
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