India: Entire Quantity Booked in OMC Iron Ore E-auction
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Odisha Mining Corporation (OMC) had scheduled its iron ore e-auction today i.e. 07 Mar'18. E-auction conducted was for 340,000 MT iron ore fines. The material put under hammer was from Gandhamardan, Daitari and Koira mines.
Base prices remain unchanged against last e-auction held in Jan'18.
According to market sources report to SteelMint, the e-auction received overwhelming response with entire offered quantity getting booked.
Trade sources highlighted that fines offered from Daitari mines fetched flat bids at INR 1,900/MT. However bids for fines offered from Koira and Gandhamardhan mines were higher by INR 350-450/MT over the set base price of INR 1,000/MT.
Base price comparison of OMC iron ore e-auctions-
| Mines | Size | Fe (%) | Base Price | Base Price | Base Price | Change in Base Price | Quantity |
| (mm) | as on 06 Dec'17 | as on 06 Jan'18 | as on 07 Mar'18 | (in INR/MT) | (MT) | ||
| Gandhamardan | -10 | 60-62 | 800 | 1,000 | 1,000 | = | 150,000 |
| Kurmitar (Koira) | -10 | 62-60 | - | 1,000 | 1,000 | = | 100,000 |
| Daitari | -10 | 64-62 | - | 1,900 | 1,900 | = | 90,000 |
| Total | 340,000 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
Iron ore supply in Odisha has eased out with few major merchant iron ore mines resuming operations after receiving consent from the Apex Court on penalty payment of illegal mining. Serajuddin Mines and Essel Mining have already resumed sales.
