India: OMC keeps base price unchanged for upcoming iron ore fines e-auction

OMC has scheduled its next iron ore fines e-auction on 3rd July'20. The auction is being conducted for 370,000 t iron ore fines and the base price of the material offered remains stable as against the last fines e-auction conducted on 30th Apr'20.

OMC iron ore e-auction details

Base prices in INR/t on ex-mines basis; including royalty
Source: SteelMint Research

Bulk iron ore fines bookings in Odisha picked up ahead of the monsoons. Deals for Fe 63% Odisha fines were done at INR 1,800-1,900/t ex-mines last week. SteelMint's iron ore fines price assessment of Odisha has remained range-bound in last couple of months.

In the last lump e-auction held on 1st June'20, auction fetched good participation with 515,000 t (90%) being booked out of 571,500 t iron ore fines put to auction. Bids in the auction increased upto INR 900/t over the set base price.

Odisha - India's largest iron ore producing state recorded production at 6.18 mn t in May'20, up 15%, as against 5.37 mn t in Apr'20, according to the provisional data of Odisha Govt. maintained by SteelMint. OMC output recorded at 1.08 mn t, a rise of 18% as compared to 0.92 mn t in Apr'20.