Odisha Mining Corporation has scheduled its next iron ore fines e-auction on 20th Feb’20 for 389,000 MT iron ore fines. As per sources, the base price for the auction is expected to be disclosed on 17th Feb’20. The material put under the hammer is from Gandhamardan, Daitari and Koira mines. No traders shall be allowed to take part in the e-auction.
Price and Quantity of OMC iron ore fines e-auctions-
| Mines | Size | Fe (%) | Base Price as on 21st Oct’19 | Bid Price as on 21st Oct’19 | Base Price as on 21st Dec’19 | Bid Price as on 21st Dec’19 | Quantity offered as on 20th Feb’20 |
| (mm) | (INR/MT) | (INR/MT) | (INR/MT) | (INR/MT) | (MT) | ||
| Gandhamardan | -10 | 60-62 | 1,000 | 1,100-1,150 | 1000 | 1,000-1,050 | 190,000 |
| -10 | 64-62 | – | – | 1500 | 1,500-1,550 | 9000 | |
| Kurmitar (Koira) | -10 | 62-60 | 950 | 1,400-1,450 | 1100 | 1,650-1,700 | 100,000 |
| Daitari | -10 | 64-62 | 2,000 | 2,100-2,150 | 2000 | 2,200-2,250 | 90,000 |
| Total | 389,000 | ||||||
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
In the last iron ore fines e-auction held on 21st Dec’19, the entire quantity of 352,000 MT was booked. Lots offered from Gandhamardhan mines received flat bids. However, bids fetched in Koira mines were higher by INR 650-700/MT over the set base price. Lots offered from Daitari received bids higher by INR 200-250/MT.
Odisha Mining Corporation (OMC) has completed public hearing for capacity enhancement for both Daitari and Koira mines, SteelMint learned from market sources. Also, the EC enhancement is in the process of approval. EC limit at Daitari mines is proposed to be increased to 6 Mnt pa from current EC of 3 Mnt pa. On similar lines, EC limit at OMC’s Kurmitar mines is proposed to be increased from current 2.4 MnT pa to 6 MnT pa.
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