OMC to Auction 508,900 MT Iron Ore; Koira Mines Base Prices Hiked Up to 11%
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Odisha Mining Corporation (OMC), a state-owned miner has scheduled its next e-auction on 5 Jun'17 for 508,900 MT iron ore. The material to be put under hammer is from Gandhamardan, Daitari and Koira mines.
The offered quantity comprises of 352,900 MT lump and 156,000 MT fines. Iron ore CLO sale is restricted to end users. However iron ore fines sale is open to all bidders.
Base prices of majority of the lots remained unchanged against previous e-auctions. However for material offered from Koira mines, base prices have gone up by INR 50-100/MT. Iron ore lumps offered from Daitari mines have been base priced higher by INR 50/MT while fines base prices have come down by INR 50/MT.
Base price comparison of OMC iron ore e-auctions
| Mines | Size (mm) | Fe (%) | Base Price as on 3 Feb'17 | Base Price as on 6 Apr'17 | Base Price as on 05 Jun'17 | Change (in INR/MT) | Change (in %) | Quantity |
| Gandhamardan | 10-180 | 65 | 1,400 | 1,900 | 1,900 | = | = | 10,000 |
| 10-40 | 62 | 2,000 | 2,200 | 2,200 | = | = | 70,000 | |
| 10-30 | 62 | 2,200 | - | 2,200 | = | = | 2,900 | |
| -10 | 64-62 | 1,300 | - | 1,300 | = | = | 14,000 | |
| -10 | 60-62 | -- | 900 | 900 | = | = | 25,000 | |
| -10 | 54-58 | - | - | 500 | - | - | 25,000 | |
| -10 | 60 | - | - | 600 | - | - | 17,000 | |
| Kurmitar (Koira) | 10-40 | 62 | 2,400 | 2,700 | 2,750 | +50 | +2% | 150,000 |
| -10 | 62-60 | 750 | 900 | 1,000 | +100 | +11% | 25,000 | |
| Daitari | 10-40 | 62 | 2,200 | 2,550 | 2,600 | +50 | +2% | 120,000 |
| -10 | 64-62 | 1,400 | 1,650 | 1,600 | -50 | -3% | 50,000 |
Base prices in INR/MT on ex-mines basis; including royalty
Source: SteelMint Research
Previous OMC e-auction received overwhelming response - OMC conducted e-auction on 6 Apr'17 for 627,000 MT iron ore.The miner had raised base prices for this e-auction by 36% against the previous auction. OMC has hiked lump prices up to INR 500/MT and fines prices up to INR 250/MT.The e-auction received overwhelming response with almost entire quantity offered getting sold. Lots containing fines fetched higher bids while lump offered in the e-auction managed to receive bids at base price.
