Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next e-auction on 6 Jan’18 for 390,000 MT iron ore fines. The material to be put under the hammer is from Gandhamardan, Daitari and Koira mines.
The miner had earlier announced increase in the base prices for materials offered from all the three mines by about INR 50-150/MT. However as per sources, amid changed market scenario and recent hike of up to INR 500/MT announced by major Odisha merchant miners price, OMC has revised its base prices.
As per the latest revision made, iron ore floor price have increased by INR 200-300/MT against previous auction base prices.
Base price comparison of OMC iron ore e-auctions-
|
Mines |
Size | Fe (%) | Base Price | Base Price | Base Price | Change | Change | Quantity |
| (mm) | as on 07 Nov ’17 | as on 06 Dec’17 | as on 06 Jan’18 | (in INR/MT) | (in %) |
(MT) |
||
| Gandhamardan | -10 | 60-62 | 800 | 800 | 1,000 | +200 | 25% | 150,000 |
| Kurmitar (Koira) | -10 | 62-60 | 800 | – | 1,000 | +200 | 25% | 150,000 |
| Daitari | -10 | 64-62 | 1,600 | – | 1,900 | +300 | 19% | 90,000 |
| Total | 390,000 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
Prior to this, the miner conducted e-auction for 430,000 MT iron ore on 6 Dec’17. The material put under the hammer was from Gandhamardan, Daitari and Koira mines. According to market sources report to SteelMint, the e-auction received a good response with 90% of the material receiving bids, i.e. 385,000 MT of material was booked against the total offered quantity of 430,000 MT. The complete quantity of 30,000 MT of fines was sold.
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