OMC has scheduled its next iron ore lump e-auction on 31st July’20. The auction is being conducted for 600,000 MT iron ore lumps, out of which 590,000 t is DR-CLO and remaining 10,000 t is lumps. The miner has increased the base price by up to INR 300/t. The base price of material put to auction from Gandhamardan mines increased by INR 50-150/t. The price for ore put for auction from Daitari mines increased by INR 300/t.
Company’s management has decided not to hold auction at Koira mines this time so the lot of 20,000t lump has been withdrawn, shared sources with SteelMint.
The quantity of ore put to auction is increased against the last auction conducted for 571,000 t as on 1st June’20. Major portion of material, iron ore put for auction is from Gandhamardan mines at 510,000 t, followed by 90,000 t from Daitari mines.
Iron ore prices in Odisha have strengthened in last couple of weeks on tighter availability owing to monsoons and also with majority of auctioned mining leases yet to resume production.Last week Essel Mining and Rungta mines announced price hike by INR 300-350/t.
OMC iron ore e-auction details
Base prices in INR/t on ex-mines basis; including royalty
Source: SteelMint Research
Last auction: OMC had scheduled its last iron ore lump e-auction on 1st June’20. Out of the total quantity of 571,500 MT, 90% of the total material i.e 515,000 MT received bids. Bids in auction increased upto INR 900/t over the set base price.
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