India: Entire Quantity Booked in OMC's Sub-grade Iron Ore Fines Auction

Odisha’s state-owned miner- Odisha Mining Corporation (OMC) had scheduled an auction for sub-grade iron ore fines today (i.e. on 05th Aug'19). Total quantity put under the auction was 525,000 MT fines (Fe 58%) . Traders were restricted to take part in this auction.

As per sources report to SteelMint, entire material got booked in the auction. The material offered was from Gandhamardan mines. As per sources, sub-grade fines lot offered from Gandhamardan received a good response and entire quantity offered of 525,000 MT was sold. Bids moved up by around INR100-150/MT over the set base price of INR 750/MT (including Royalty). Bids received were at INR 850-900/MT.

State-owned miner - Odisha Mining Corporation (OMC) is all set with iron ore production ramp-up plans for coming years to make up for expected supply disruption after March 2020 following lease expiry. OMC is planning to achieve 20 MnT iron ore output by FY21.

EC limit at Daitari mines is proposed to be increased to 6 MnT p.a. from current EC of 3 MnT pa. On similar lines, EC limit at OMC's Kurmitar mines is proposed to be increased from current 2.4 MnT p.a to 6 MnT p.a.