State owned, Odisha Mining Corporation (OMC), has recently put forward an e-auction for 190,000 MT iron ore to be held on 18 Mar’16. The material has been offered from Gandhamardan mines.
The miner has notified a sale of 190,000 MT iron ore (90,000 MT lumps & 100,000 MT fines). Alongside, the company had not corrected any base prices of the material being offered as compared to previous e-auctions.
The company had offered the same material in its e-auction conducted on 30 Dec’15 with the same base prices.
In the last e-auction conducted on 26 Feb’16, the company sold around 65% of the offered quantity i.e. 264,000 MT. The overall response in the last e-auction remained lukewarm as last month the company had issued some duely paid DMF amount from the buyers.
Base price comparison of OMC iron ore e-auctions
| Mines | Size (mm) | Fe (%) | Base Price on 18 Mar’16 |
Base Price on 30 Dec’15 |
Change (%) |
Quantity (MT) |
| Gandhamardan | 5-18 | 64 | 2,250 | – | – | 15,000 |
| 10-40 | 62-60 | 1,750 | 1,750 | – | 50,000 | |
| 10-180 | 65 | 1,500 | 1,500 | – | 25,000 | |
| -10 | 62-60 | 900 | 900 | – | 100,000 | |
| Total |
190,000 |
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Base prices in INR/MT on ex-mines basis; including of royalty
Source: SteelMint Research
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