Odisha Mining Corporation to hold next e-auctions on March 18

Will offer 190,000 tonne of iron ore from flagship Gandhamardhan mines

State-run Odisha Mining Corporation (OMC) would offer 190,000 tonne of iron ore from its flagship Gandhamardhan mines at next round of e-auctions on March 18.

The auctions would be conducted on the platform provided by central PSU MSTC Ltd.

Despite the recent rally surrounding iron ore in the international markets, OMC has not gone for an upward revision in ore prices. The floor prices for iron ore has been kept unchanged. The base price of calibrated lump ore (CLO) varies in the range of Rs 1,500-2,250 a tonne.

At its last e-auctions, OMC notified sale of over 0.2 million tonne of iron ore from its mines at Barbil, Koira and Daitari. The base price of iron ore lumps (inclusive of royalty) was in the range of Rs 1,600-1,750 per tonne while the floor price of fines pegged in the band of Rs 900-1,300 a tonne depending on ore grade. 

OMC's previous attempts to despatch ore through auctions drew a lacklustre response from buyers, due to its prohibitive floor prices.

The quantity of unsold ore by OMC had piled up, taking its inventory to the level of six million tonne.