Weak demand ! OMC cuts base price for Iron Ore fines upto Rs.500

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Bhubaneswar: In view of the weak demand, Odisha government-owned miner – Odisha Mining Corporation (OMC) has reduced the base price of different grades of Iron Ore fines up to Rs.500 per tonne.

OMC intends to auction various grades of Iron Ore produced at different iron ore mines at Daitari and Gandhamardan Regions in Keonjhar district and Koira region in Sundargarh district on 30th of this month.

While the base price for 62-64% Fe (-10mm) grade Fines at  Daitari mines has been reduced to Rs.2000, the base price for similar grade fines at the Gandhamardan mines has been reduced to Rs.1500 per tonne. The 60-62 Fe(-10mm) grade Iron Ore fines at the  Gandhamardan has been reduced to Rs.1150.

Meanwhile, in the Koira region, the base price for 62-60 Fe (-10mm) grade Iron ore has been reduced to Rs.1200 and the base price for 58% Fe fines has been reduced to Rs.750.

OMC offers 18000 tonnes of 62-64 grade fines, 2.9 lakh tonnes of 60-62 grade fines and 40000 tonnes of 58-grade fines for sale through e-auction route. The e-auction will be conducted on 30th April by MSTC.

Earlier in the month, NMDC, India’s largest Iron Ore miner had reduced the prices of Iron Ore fines and Lumps by Rs.500. While iron Ore lump (sized Iron Ore) price was reduced from Rs. 3150 to 2650, the fines prices were reduced from Rs.2860 to Rs.2360.

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