OMC’s 150,000 MT Iron Ore Auction Receives Moderate Response 

Odisha Mining Corporation (OMC) recently conducted an iron ore e-auction of 150,000 MT on 23 July’15. The material put under auction was offered from Koira mines containing Fe 62% (10-40 mm).

The auction received a mixed response overall as out of the total quantity i.e. 150,000 MT only 52,000 MT was sold. The material was sold at INR 2,900-2,950/MT, which is almost equivalent to base prices. The company offered the material at base price of INR 2,900/MT.

The company had offered the same material in the previous e-auction conducted on 9 July’15. The material had been left out unsold due to higher base prices. Also, none of the major sponge iron makers or steel manufacturers had shown buying interest. Only the small manufacturers were forced to buy the material from auction conducted on 9 July’15 because they had no option left.

If we talk about few auctions previously conducted by OMC, the company has not able to fetch good bids due to higher base priced material offered in the e-auctions. If this situation persists, the company may reduce base prices for upcoming e-auctions.

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