India: OMC to Auction 390,000 MT Iron Ore Fines
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Base price of Iron ore fines offered from Gandhamardan have increased by INR 150/MT. The prices for material from Daitari and Koira increased by INR 50/MT each.
Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next e-auction on 6 Jan'18 for 390,000 MT iron ore fines. The material to be put under the hammer is from Gandhamardan, Daitari and Koira mines.
The miner has increased the base prices for materials offered from all the three mines. The base price for material offered from Gandhamardan has increased by INR 150/MT, from Kurmitar (Koira) has been increased by INR 50/MT and prices for material from Daitari mines is increased by INR 50/MT.
Prior to this, the miner conducted e-auction for 430,000 MT iron ore on 6 Dec'17. The material put under the hammer was from Gandhamardan, Daitari and Koira mines. According to market sources report to SteelMint, the e-auction received a good response with 90% of the material receiving bids, i.e. 385,000 MT of material was booked against the total offered quantity of 430,000 MT. The complete quantity of 30,000 MT of fines was sold.
Base price comparison of OMC iron ore e-auctions-:
| Mines | Size | Fe (%) | Base Price | Base Price | Base Price | Change | Change | Quantity |
| (mm) | as on 07 Nov '17 | as on 06 Dec'17 | as on 06 Jan'18 | (in INR/MT) | (in %) | (MT) | ||
| Gandhamardan | -10 | 60-62 | 800 | 800 | 950 | +150 | 19% | 150,000 |
| Kurmitar (Koira) | -10 | 62-60 | 800 | - | 850 | +50 | 6% | 150,000 |
| Daitari | -10 | 64-62 | 1,600 | - | 1,650 | +50 | 3% | 90,000 |
| Total | 390,000 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
Major merchant miners in Odisha have increased iron ore prices from today (02ndJan'18). Lumps prices have been increased by INR 500/MT and fines prices have moved up by INR 300/MT.
Prior to this the miners had increased prices in last week of Dec'17 by 400/MT in lumps and INR 200/MT fines. In mid of Dec'17, the miners had raised prices by the same amount.
