India: 77% Material Booked in OMC Iron Ore Fines E-auction
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Odisha's state-owned miner- Odisha Mining Corporation (OMC) had scheduled its iron ore fines e-auction today (20th Feb'20). Out of 389,000 MT iron ore fines put on auction, 301,000 MT (77%) got booked.
Lots offered from Gandhamardhan and Koira mines have majorly received flat bids. However, bid fetched for Daitari mines were higher by INR 250-300/MT over the set base price.
OMC had increased base price for the material offered from Gandhamardan by INR 150-200/MT, Daitari by INR 200/MT and Koira by INR 600/MT against the base price of the last e-auction held on 21st Dec'19.
Price comparison of OMC iron ore e-auctions-:
| Mines | Size | Fe (%) | Base Price as on 21st Dec'19 | Bid Price as on 21st Dec'19 | Base Price as on 20th Feb'20 | Bid Price as on 20 Feb'20 | Quantity offered | Quantity Sold |
| (mm) | (INR/MT) | (INR/MT) | (INR/MT) | (INR/MT) | (MT) | (MT) | ||
| Gandhamardan | -10 | 60-62 | 1000 | 1,000-1,050 | 1,150 | 1,150-1,200 | 190,000 | 190,000 |
| -10 | 64-62 | 1500 | 1,500-1,550 | 1,700 | - | 9,000 | unsold | |
| Kurmitar (Koira) | -10 | 62-60 | 1100 | 1,650-1,700 | 1,700 | 1,700 | 100,000 | 21,000 |
| Daitari | -10 | 64-62 | 2000 | 2,200-2,250 | 2,200 | 2,450-2,500 | 90,000 | 90,000 |
| Total | 389,000 | 301,000 | ||||||
Odisha Mining Corporation (OMC) has completed public hearing for capacity enhancement for both Daitari and Koira mines, SteelMint learned from market sources. Also, the EC enhancement is in the process of approval. EC limit at Daitari mines is proposed to be increased to 6 Mnt pa from current EC of 3 Mnt pa. On similar lines, EC limit at OMC's Kurmitar mines is proposed to be increased from current 2.4 MnT pa to 6 MnT pa.
