OMC has scheduled its next iron ore lump e-auction on 31st July’20. The auction is being conducted for 620,000 MT iron ore lumps, out of which 610,000 t is DR-CLO and remaining 10,000 t is lumps. The base price of the lumps put to auction is yet to be announced. The quantity of ore put to auction is increased against the last auction conducted for 571,000t as on 1st June’20. Major portion of material, iron ore put for auction is from Gandhamardan mines at 510,000t, followed by 90,000t from Daitari mines and remaining 20,000t from Koira mines.
The base price for the upcoming auction is expected to be announced on 27th Jul’20. 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.
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 on1st 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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