OMC Iron Ore E-auction Receives Overwhelming Response; Entire Quantity Booked
...
Odisha Mining Corporation had scheduled its iron ore e-auction today (30th Nov'19). The auction conducted was for 530,000 MT iron ore and the material put under the hammer was from Gandhamardan, Daitari and Koira mines.
Out of the total quantity 485,000 MT was DR CLO; 30,000 MT was lump and remaining 15,000 MT was low grade fines. Miner had reduced base price of lumps by INR 150-300/MT from all its mines against the base price of last e-auction conducted on 30th Sep'19.
According to market sources report to SteelMint, the auction fetched aggressive participation with entire offered quantity getting booked at above set base price.
The base price for low grade iron ore fines (Fe 56%) from Koira mines was set at INR 700/MT and the lot received bids at INR 1,150/MT. The lots containing lump & DR- CLO fetched bids up by upto INR 450/MT over set base price.
OMC iron ore e-auction details
| Mines | Size | Fe (%) | Base Price as on 30th Sep'19 | Bid Price as on 30th Sep'19 | Base Price as on 30th Nov'19 | Bid Price as on 30th Nov'19 | Quantity Offered |
| (mm) | (INR/MT) | (INR/MT) | (INR/MT) | (INR/MT) | (MT) | ||
| Gandhamardan | 10-40 | 62% | 2,600 | 2,600 | 2,300 | 2,350 | 1,95,000 |
| 10-180 | 65% | 1,900 | 2,100-2,150 | 1,750 | 2,200 | 30,000 | |
| Kurmitar (Koira) | 10-40 | 62% | 3,100 | 3,100 | 2,800 | 3,050 | 2,00,000 |
| Kurmitar (Koira) | Fines | 56% | - | - | 700 | 1,150 | 15,000 |
| Daitari | 10-40 | 62% | 3,000 | 3,000 | 2,800 | 2,850 | 90,000 |
| Total | 5,30,000 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
