India: OMC to auction around 1 mn t iron ore lumps on 1st Feb’21

Odisha’s leading miner – Odisha Mining Corp (OMC) has scheduled its next iron ore e-auction on 1st Feb’21. The auction is being conducted for 933,000 t iron ore lumps. The miner has increased the base price by up to INR 1,500/t against last auction’s base price held on 2nd Dec’20.The material put under the hammer is from Gandhamardan, Daitari, Koira mines and Tiring Pahar mines.

The base price for lumps from Gandhamardan and Koira mines has been increased by INR 1,200-1,300/t. For the material put to auction from Daitari and Tiring Pahar mines the miner raised the price by INR 1,500/t against the base price of the last e-auction held on 2nd Dec’20. However, the set base price is lower than bid price fetched in Dec’20 auction.

OMC iron ore lumps e-auction

Base prices in INR/t on ex-mines basis; including royalty
Source: SteelMint Research

• Additionally, OMC will be conducting an auction for 14,000t iron ore and manganese ore on 2 Feb’21. The material offered comprises of unsold ore produced by ex-leases in the auctioned mines in Odisha lying under Koira mining circle. The material offered is from Mahulsukha, Kanther-Koira, Kolmong, Teherai and Ganua mines.
• Odisha Govt. is allocating Guali and Jilling iron ore mines to OMC with an objective to increase iron ore production. These mines have a combined production limit of 12 mnt
• SteelMint’s index for Odisha iron ore fines (Fe 62%) index stands at INR 6,000/t (ex-mines, including Royalty, DMF & NMET), down by INR 200/t m-o-m.