Odisha Mining Corporation has scheduled its next iron ore lump e-auction on 28th Apr’20. The auction will be conducted for 243,500 MT iron ore lumps.
The miner has reduced the base price of the ore by up to INR 500/MT against the last lump auction held on 24th Jan’20. The base price for material offered from Koira mines reduced by INR 500/MT, price for iron ore from Daitari mines reduced by INR 350/MT and that of 10-40 mm from Gandhamardhan mines by INR 300/MT.
Out of the total quantity of 243,500 MT, DR-CLO is 242,000 MT and the remaining 1,500 MT is lump.
Odisha iron ore merchant miners have weighed down prices of iron ore lump amid suspension of operations at most of state’s sponge manufacturers. SteelMint learned from the reliable sources that currently indicative trade prices for Odisha iron ore lumps 5-18 mm (Fe 63%) is around INR 3,600-3,800/MT (ex-mines, including Royalty, DMF & NMET) as against being INR 4,000/MT a couple of weeks before. However, trades continue to remain on the lower side amid the lockdown over Coronavirus effect and decent stock with mills.
OMC iron ore e-auction details
| Mines | Size | Fe (%) | Base Price as on 24th Jan’20 | Bid Price as on 24th Jan’20 | Base Price as on 28th Apr’20 | Quantity Offered as on 28th Apr’20 |
| (mm) | (INR/MT) | (INR/MT) | (INR/MT) | (MT) | ||
| Gandhamardan | 10-40 | 62% | 2,650 | 2,653-2,681 | 2,350 | 102,000 |
| 10-180 | 65% | 2,100 | 2,380 | 2,100 | 1,500 | |
| Kurmitar (Koira) | 10-40 | 62% | 3,150 | 3,439 | 2,650 | 90,000 |
| Daitari | 10-40 | 62% | 3,150 | 3,150 | 2,800 | 50,000 |
| Total | 243,500 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
In the last lump e-auction held on 24th Jan’20, auction fetched aggressive participation with the entire offered quantity getting booked at above set base price by up to INR 300/MT.
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