State-owned Odisha Mining Corporation (OMC), recently conducted e-auction for 778,900 MT iron ore on 03 Feb’17. Around 679,900 MT materials were booked out of the total offered quantity.
Overall, the e-auction attracted overwhelming response as various sponge iron manufacturers and Odisha based iron ore exporters have aggressively bid for material offered by the company. The material sold in the e-auction has attracted an average hike of 5% from the base prices.
According to market sources, all the lot of material fetched bids in the e-auction. Chhattisgarh and Odisha based sponge manufacturers aggressively bid in the e-auction; around 87% of the material booked was procured by them.
100% material offered from Gandhamardan mines was booked. Calibrated lump ore 10-180 mm (Fe 62%) offered from Gandhamardan of 60,000 MT was booked at higher prices of INR 450/MT over the base prices.
CLO (10-40 mm) lot offered from Koira mines of 300,000 MT quantities received aggressive bidding. Total 280,000 MT materials got booked.
Total 120,000 MT CLO (10-40 mm) was offered from Daitari mines out of which only 41,000 MT was booked.
Result of OMC iron ore e-auction held on 03 Feb’17
| Mines | Size (mm) | Fe (%) | Base Price as on 3 Feb’17 | Quantity (MT) | Quantity Sold (MT) |
| Gandhamardan | 10-180 | 65 | 1400 | 60,000 | 60,000 |
| 10-40 | 62 | 2000 | 70,000 | 70,000 | |
| 10-30 | 62 | 2200 | 3,900 | 3,900 | |
| -10 | 64-62 | 1300 | 25,000 | 25,000 | |
| Kurmitar (Koira) | 10-40 | 62 | 2400 | 300,000 | 280,000 |
| -10 | 62-60 | 750 | 100,000 | 100,000 | |
| Daitari | 10-40 | 62 | 2000 | 120,000 | 41,000 |
| -10 | 64-62 | 1400 | 100,000 | 100,000 | |
| Total | 778,900 | 679,900 | |||
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
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