Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next iron ore e-auction for 805,000 MT iron ore on 28 Jul’16. The material which will be put under hammer belongs to Gandhamardan, Daitari and Koira mines.
The offered quantity comprises of 500,000 MT CLO and 305,000 MT fines.
The company has slightly changed the base prices and corrected upto 11% for few grades. However, for few other grades the company has kept base prices unchanged.
Koira Mines, from which majority of the material is been offered (250,000 MT lumps and 70,000 MT fines) have not corrected base prices for 10-40 mm CLO. Alongside, the company has reduced base prices by INR 100/MT for fines offered from Koira mines.
Base price comparison of OMC iron ore e-auctions
| Mines | Size (mm) | Fe (%) | Base Price on 28 Jul’16 |
Base Price on 04 Jul’16 |
Base Price on 21 Jun’16 |
Base Price on 01 Jun’16 |
Change (%) |
Quantity (MT) |
| Gandhamardan | 10-40 | 62 | 1,700 | – | 1,750 | – | 2.8% | 70,000 |
| 5-18 | 65 | 2,000 | – | 2,200 | – | 9.0% | 25,000 | |
| 10-180 | 65 | 1,500 | – | 1,500 | – | – | 35,000 | |
| -10 | 62-60 | 800 | – | 800 | – | – | 135,000 | |
| Kurmitar (Koira) | 10-40 | 62 | 1,700 | – | – | 1,700 | – | 250,000 |
| -10 | 62-60 | 800 | – | – | 900 | 11% | 70,000 | |
| Daitari | 10-40 | 62 | 1,700 | – | – | 1,800 | 5.5% | 120,000 |
| -10 | 64-62 | 1,300 | 1,350 | – | – | 3.7% | 100,000 | |
| Total | 805,000 | |||||||
Base prices in INR/MT on ex-mines basis; including of royalty
Source: SteelMint Research
Tata Steel (Kalinganagar) procured iron ore fines from last OMC e-auction
In the last e-auction conducted by OMC for 50,000,MT iron ore fines from Daitari mines on 04 Jul’16, Tata Steel (Kalinga Nagar) procured more than 95% of the total material put under e-auction.
The material procured was at base prices only. The company had kept base prices for fines from Daitari mines at INR 1,350/MT and had not corrected in the last e-auction since long. However, for the e- auction to be conducted on 28 Jul’16, the company has reduced base prices for fines from Daitari mines by INR 50/MT.
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