India: 50% of Low Grade Iron Ore Fines Booked in OMC's Auction

State based miner - Odisha Mining Corporation (OMC) had scheduled auction for low grade iron ore fines e-auction today (15th May'20). Out of the total quantity of 50,000 MT put to auction, half of the material booked i.e 25,000 MT received bids. The material fetched flat bids at INR 750/MT.

The entire sold quantity of 25,000 MT was booked by a single party as per sources.

The entire material offered was low grade fines (Fe 58%) from Gandhamardan mines. The base price was set at INR 750/MT.

OMC's last fines e-auction was conducted on 30th Apr'20. Out of 429,000 MT iron ore fines put to auction, only 137,000 MT (32%) got booked. However, out of the total quantity of 40,000 MT low grade ore put to auction from Koira mines, the entire material received bids at INR 1,000/MT against base price of INR 750/MT.

In the last fiscal, OMC's iron ore production went up 18.22% to 12.39 MnT. Innovative methods for scaling up mining operations and minimizing the operational costs contributed to the growth in output.