Orissa Mining Corporation (OMC), state owned mining company based in Odisha had fetched poor response for iron ore lumps and fines which were unsold in last auction.
Sources tell there were limited buyers in this auction on following factors
1. Most of the mines owned by OMC were uncertain on its operation over environmental norms.
2. Local issues by transport union in the sector.
3. Policies of OMC
4. Weak demand from sponge manufacturers.
Iron ore was put on auction from Barbil, Koira and Daitari region located in Odisha. Results are 60-62% Fe iron fines sold at Rs 1370/t to Swastik Ispat, 60-62% iron fines from Koira region sold at Rs 2,752/t.
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