State-controlled miner, Odisha Mining Corporation (OMC) has recently issued an auction notice to conduct an auction for 50,000 MT iron ore fines.
The material offered consist of Fe 64-62% iron ore fines from Daitari mines. The auction is scheduled on 04 Jul’16.
The company has kept base price unchanged at INR 1,350/MT for iron ore fines offered from Daitari mines. In the previously conducted e-auctions, this material offered could not able to find the buyer, hence remained unsold.
It’s been a long time the company is struggling to get better response in the previous few e-auctions.
Market participants blame higher base prices and a long-term agreement with the Odisha-based as well as outside Odisha-based sponge and steel units, the reason behind poor response in its e-auctions.
It should also be noted that the company had decided to conduct e-auctions on 28th of every alternate month.In addition, the company has also decided to follow the suit for Chrome ore e-auctions.
The next e-auction will most probably to be conducted on 26 Aug’16 for Chrome ore and on 28th Aug’16 for iron ore.
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