Odisha’s leading miner – Odisha Mining Corporation (OMC) has scheduled the next iron ore fines e-auction on 7th Jan’21. The material put under hammer is from Gandhamardan, Koira, Daitari and Tiring Pahar mines with a total quantity of 851,100 t.
The miner has increased the base prices for the auction by up to INR 1,800/t as compared to the base price of the last fines e-auction held on 3rd Nov’20. However, the base price is slightly lower than the bids fetched in the last auction.
OMC iron ore e-auction details
Base prices in INR/t on ex-mines basis; including royalty
Source: SteelMint Research
- SteelMint’s index for Odisha iron ore fines (Fe 62%) index stands at INR 6,150/t (ex-mines, including Royalty, DMF & NMET). Prices have remained largely stable on a monthly basis as compared to INR 6,250/t (ex-mines, including Royalty, DMF & NMET) assessed last month.
- OMC recorded output of 1.15 mn t for the month of Nov’20 as compared to 0.88 mn t in Oct’20. This is attributed to resumption in production from its Gandhamardan B block and commencement of operations at Tiring Pahar mines.
- In the last OMC fines e-auction conducted on 3rd Nov’20, the miner had received an overwhelming response with entire quantity of 545,000 t being booked with hike in bids up to INR 1,900/t.
- OMC has recorded steady growth in iron ore production over the past years from 6 mn t in FY’16 to 12.4 mn t in FY’20.
- Odisha – India’s largest iron ore producing state recorded production of 10.35 mn t in Nov’20, up 10%, as against 9.42 mn t in Oct’20. Notably, KN Ram mine won by Narbheram Power & Steel began production in Nov ’20. The mine has EC limit of 3.5 mn t. Also output from G S Mishra & Sons increased in Nov’20. Jagat Janani also initiated production in Nov’20.
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