OMC revises prices of iron ore and chrome ore

Iron ore prices raised by 20-40% ; chrome ore up 10-20 %.

The Orissa Mining Corporation (OMC) has gone for an upward revision in prices of different grades of iron ore by 20-40 per cent and that of chrome ore by 10-20 per cent.

The new prices are effective from October 1 and will be valid till December 31 this year.

"Price revision of iron ore and chrome ore is being done by OMC every quarter depending on prevailing prices of the ores in the domestic and international markets”, said Saswat Mishra, managing director of OMC.

In the Gandhmardhan sector, the price of sponge grade lumpy iron ore with 65 per cent iron content have been raised from Rs 3000 per tonne toRs 3571 per tonne. On the other hand, prices of iron ore fines have been increased from Rs 2105 per tonne to Rs 2502 per tonne.

In the Koira sector, the iron ore prices in the Khandadhar/Kurmitar area has gone up from Rs 3652 per tonne to Rs 4111 per tonne. Price of iron ore fines in this sector has also appreciated from Rs 1252 per tonne to Rs 1852 per tonne.

In the Daitari sector, the price of iron ore fines with 62 per cent iron content has moved up from Rs 2352 per tonne to Rs 2652 per tonne.

Similarly, the price of chrome ore for sale in the domestic market has been raised from Rs 10532 per tonne to Rs 11103 per tonne for chromium oxide with chromium content of 54 per cent. For lower grade chrome ore with chrome content of 40 per cent, the price has been revised from Rs 5318 per tonne to Rs 6381 per tonne.

Meanwhile, OMC had decided to enter into long-term supply arrangements with the prospective buyers of these fines.

OMC had invited Expressions of Interest (EOI) from the end-user units (pellet plants, sinter plants and beneficiation plants) for in-term sales arrangements of iron ore fines in August this year.

The corporation intended to enter into a long-term supply arrangement with the end users who will put in place a mechanized system for evacuation of these fines either through slurry pipes or conveyor belts.

It aimed to sell the iron ore fines to the units which are already operational in the state like pelletisation plants, beneficiation plants and sinter plants.

For every 100 tonnes of iron ore extracted by OMC, nearly 40 tonnes is iron ore fines with the remaining 60 tonnes being calibrated lump .