Odisha Mining Corporation (OMC) has put 97,000 MT Iron ore under hammer to re-auction through MSTC. Moreover, the company has cut CLO & Fines prices by 7-10% and 26% respectively.
On 20 Feb’15, OMC had conducted an e-auction for 99,000 MT Iron ore lump and 158,000 MT Iron ore fines. In addition, on 25 Feb’15 the company scheduled an another e-auction for 75,000 MT Iron ore lump and 25,000 MT Iron ore fines specifically for Koira Mines. However, it failed to receive a proper response in the last two auctions. Thus, the company has planned to re-auction the leftover quantity.
At present, OMC has put a total quantity of 97,000 MT (57,000 MT CLO and 40,000 MT Iron ore fines) to be auctioned on 07 Mar’15. The offered material is from Daitri, Gandhamardan and Koira Mines. Besides, the company has reduced the base price by 7-10% for CLO and by 26% for Iron ore fines.
Base Price Comparison in Iron Ore E-auctions
|
Iron Ore Lump |
|||||||
| Product | Region | Size (mm) | Grade (Fe%) | Base Price (20 Feb’15) |
Base Price (07 Mar’15) |
% Change | Current Quantity Offered (MT) |
| Iron ore lump | Daitri | 10-40 | 62 | 3,237 | 3,000 | -7% | 37,000 |
| Iron ore lump | Gandhamardan | 10-40 | 62 | 3,318 | 3,000 | -10% | 20,000 |
| Total | 57,000 | ||||||
|
Iron Ore Fines |
|||||||
| Product | Region | Size (mm) | Grade (Fe%) | Base Price (25 Feb’15) |
Base Price (07 Mar’15) |
% Change | Current Quantity Offered (MT) |
| Iron ore fines |
Koira |
(-) 10 |
60-62 |
2,104 | 1,565 | -26% | 40,000 |
| Total |
40,000 |
||||||
Base price in INR/MT on ex-mines basis; inclusive of royalty
Source: SteelMint Research
On 27 Feb’15, OMC had re-auctioned the leftover material from last two auctions from Barbil (8,200 MT Iron ore lump and 13,000 MT fines) and Gandhamardan (90,000 MT fines) Mines. For this, the company had cut base price by upto 27%.
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