India : OMC Cuts Base Price by INR 200/MT for Upcoming Iron Ore Lumps Auction

Odisha Mining Corporation has scheduled its next iron ore lump e-auction on 04 Apr'19, base prices decreased by INR 200/MT against the base price of previous e-auction conducted on 01 Feb'19.

Odisha Mining Corporation (OMC) - a state-owned miner is to conduct next e-auction for 397,000 MT iron ore CLO and lump on 04 Apr'19. The material put under the hammer is from Gandhamardan, Daitari and Koira mines. No traders shall be allowed to take part in the e-auction.

Out of the total quantity, 382,000 MT is DR-CLO and remaining 15,000 MT is lump ore.

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

Iron ore production of state-owned miner- OMC increased by 17% to 1.2 MnT for the month of Jan'19 as against 1.03 MnT in Dec'18. For the duration Apr-Jan'19, the total production by the miner recorded at 6.98 MnT.

Odisha based major merchant miners have been holding iron ore offers except Essel Mining which has cut price twice since end Feb'19.