Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next e-auction on 6 Apr’17 for 627,000 MT iron ore. The material to be put under hammer is from Gandhamardan, Daitari and Koira mines.
The offered quantity comprises of 425,000 MT lump and 202,000 MT fines. Iron ore CLO sale is restricted to end users. However iron ore fines sale is open to all bidders.
The miner has raised base prices for this e-auction by 36% against the pervious auction. OMC has hiked lump prices up to INR 500/MT and fines prices up to INR 250/MT.
Base price comparison of OMC iron ore e-auctions
|
Mines |
Size (mm) |
Fe (%) | Base Price as on 28 Nov’16 |
Base Price as on 3 Feb’17 |
Base Price as on 6 Apr’17 |
Change (in INR/MT) |
Change (in %) |
Quantity |
| Gandhamardan | 10-180 | 65 | 1,400 | 1,400 | 1,900 | +500 | 36% | 35,000 |
| 10-40 | 62 | 1,800 | 2,000 | 2,200 | +200 | 10% | 70,000 | |
| -10 | 60-62 | 800 | — | 900 | +100 | 13% | 2,000 | |
| Kurmitar (Koira) | 10-40 | 62 | 2,200 | 2,400 | 2,700 | +300 | 13% | 200,000 |
| -10 | 62-60 | 750 | 750 | 900 | +150 | 20% | 100,000 | |
| Daitari | 10-40 | 62 | 2,000 | 2,200 | 2,550 | +350 | 16% | 120,000 |
| -10 | 64-62 | 1,300 | 1,400 | 1,650 | +250 | 18% | 100,000 | |
|
Total |
627,000 |
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Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
Odisha iron ore price scenario – Odisha based merchant miners had raised iron ore lump prices by INR 300-400/MT and fines prices by INR 150/MT in mid of Mar’17. Prior to this they had raised lump prices by INR 300/MT towards the end of Feb’17. Sharp increase in sponge prices resulted in increase in iron ore offers.
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