Odisha Mining Corporation (OMC) had scheduled its iron ore e-auction today i.e. 04 Apr’18. The entire quanity of material put to auction of 329,000 MT was lump and the material put under hammer was from Gandhamardan, Daitari and Koira mines.
According to market sources report to SteelMint, the e-auction received overwhelming response with entire offered quantity being booked.
The miner had kept base prices unchanged for materials size 10-40 mm (Fe 62%) against last lump e-auction held on 18 Jan’18. No traders were permitted to take part in the e-auction.
Trade sources highlighted that for lumps offered from Daitari mines, bids stood up marginally by INR 50-100/MT against the set base price of INR 3200/MT and for material put forward from Koira mines, bids were up by INR 400/MT against the set base price of INR 3200/MT.
For Gandhamardan mines, the bids for material 10-40 mm (Fe 62%) witnessed rise of INR 700-900/MT against the set base piece of INR 2,600/MT while for material size 10-180 mm (Fe 65%), bids were higher by INR 300/MT over the set base price of INR 2,200/MT.
Compared to the previous OMC iron ore lump e-auction conducted on 18 Jan’18, the bids were lower for Koira mines in this e-auction.
Base and Bid price of OMC iron ore e-auction conducted on 04 Apr’18
| Mines | Size | Fe (%) | Base Prices | Bid Prices | Change in prices | Change in prices | Quantity |
| (mm) | (INR/MT) | (INR/MT) | (INR) | (%) | (MT) | ||
| Gandhamardan | 10-180 | 65 | 2,200 | 2,500 | +300 | 14% | 9,000 |
| 10-40 | 62 | 2,600 | 3,300-3,500 | +700-900 | 27-35% | 100,000 | |
| Kurmitar (Koira) | 10-40 | 62 | 3,200 | 3,600 | +400 | 13% | 120,000 |
| Daitari | 10-40 | 62 | 3,200 | 3,250-3,300 | +50-100 | 2-3% | 100,000 |
| Total | 329,000 | ||||||
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
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