41% iron ore sold in OMC’s recent iron ore e-auction.
In its iron ore e-auction conducted yesterday, OMC fetched comparatively better response from its previously conducted auctions, due to new transport charges fixed by the state govt. which will cut cost of transportation for state based steel mills.
The company offered 518,000 MT from its different mines namely Barbil, Gandhamardhan, Koira and Daitari. Out of which 211,000 MT iron ore was sold.
Unlike previous e-auctions which fetched flat bids, some material offered in this e-auction fetched slightly higher bids. For instance, fines (Fe 62-60%) offered from Barbil mines was allotted at INR 1,400/MT against base price of INR 1,150/MT. Similarly, lump (10-40 mm, Fe 62%) offered from Koira Mines was sold at INR 200/MT up the base price. Fines (Fe 62-60%) offered from Gandhamardan Mines was sold at INR 1,300/MT against its base price of INR 1,250/MT. The lot containing fines (Fe 64-62%) from Daitari Mines remained unsold and remaining lots received flat bids.
Result of OMC iron ore e-auction held on 11 Aug’15
|
|
Size (mm) | Fe (%) | Base Price | Bid Price | Offered Qty (MT) |
|
| Barbil | -10 | 62-60 | 1,150 | 1,400 | 8,000 | 8,000 |
| Koira | 10-40 | 62 | 2,500 | 2,700 | 100,000 | 100,000 |
| -10 | 62-60 | 1,150 | 1,150 | 60,000 | 17,000 | |
| Gandhamardhan | 10-40 | 62 | 2,400 | 2,400 | 70,000 | 3,000 |
| 10-180 | 65 | 2,000 | 2,000 | 20,000 | 5,000 | |
| -10 | 62-60 | 1,250 | 1,300 | 50,000 | 50,000 | |
| Daitari | 10-40 | 62 | 2,450 | 2,450 | 150,000 | 28,000 |
| -10 | 64-62 | 1,700 | 1,700 | 60,000 | 0 | |
| Total | 518,000 | 211,000 | ||||
Qty in MT
Base & bid prices in INR/MT on ex-mines basis; inclusive of royalty
Source: SteelMint Research
Odisha govt. has recently fixed ceiling prices for mineral transportation in 6 districts in the state, following which transporters will not be able to charge more than that.
Recently 2 major Odisha based merchant miners have cut iron ore prices by INR 100-400/MT. Current prices for lump (10-30 mm, Fe 61%) is INR 2,550/MT, lump (5-18 mm, Fe 63%) is INR 3,250/MT and fines (Fe 63%) is around INR 1,500-1,700/MT. (Ex-mines prices & inclusive of royalty).
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