Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next e-auction on 28 Sept’16 for 905,000 MT iron ore. The material to be put under hammer belongs to Gandhamardan, Daitari and Koira mines.
The offered quantity comprises of 550,000 MT CLO and 335,000 MT fines.
The company has made slight changes in the base prices for the upcoming e-auction. However, prices remain unchanged for few other grades.
Koira Mines, from which most of the material i.e. 300,000 MT CLO and 70,000 MT iron ore fines is being offered, base prices for 10-40 lumps have increased by 3% and for iron ore fines prices have been reduced by 12.5% as compared to the previous e-auction.
Meanwhile, the company also reduced base prices for 10-180 mm CLO’s by 6.6% as compared to the prices in the previous e-auction. Currently, the material is being offered at INR 1,400/MT.
It is to be noted that the company sold around 50% of the total quantity offered in its previous e-auction, conducted on 28 Jul’16. The company offered 805,000 MT iron ore out of which 374,000 MT was sold. In its previous e-auction, the company has made slight changes to the base prices, up to 11% for only few grades.
Base price comparison of OMC iron ore e-auctions
| Mines | Size (mm) | Fe (%) | Base Price on 28 Sept’16 |
Base Price on 28 Jul’16 |
%change | Quantity (MT) |
| Gandhamardan | 10-180 | 65 | 1,400 | 1,500 | 6.6% | 35,000 |
| 10-40 | 62 | 1,700 | 1,700 | – | 70,000 | |
| 5-18 | 65 | 2,000 | 2,000 | – | 25,000 | |
| -10 | 58-54 | 650 | – | – | 50,000 | |
| -10 | 62-60 | 800 | 800 | – | 135,000 | |
| Kurmitar (Koira) | 10-40 | 62 | 1,750 | 1,700 | 3.0% | 300,000 |
| -10 | 62-60 | 700 | 800 | 12.5% | 70,000 | |
| Daitari | 10-40 | 62 | 1,700 | 1,700 | – | 120,000 |
| -10 | 64-62 | 1,300 | 1,300 | – | 100,000 | |
| Total | 905,000 | |||||
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
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