Bhubaneswar: Considering the demands of the steel industry, Odisha government-owned miner Odisha Mining Corporation (OMC) has decided to slash Iron Ore prices up to 20-22 per cent for the upcoming Iron Ore auctions, according to sources. Following this reduction, OMC has brought its prices down to the level of NMDC.
OMC has taken the decision during a meeting held on Thursday at its Bhubaneswar headquarters. Accordingly, the base price for Daitari CLO has been reduced by 21.42 per cent to Rs.2200 per Metric Tonne (MT).
The Odisha based steel units under the banner of Kalinganagar Industries Association had demanded the miner to reduce Iron Ore prices up to Rs.800 per tonne for the next 6-8 months.
OMC had conducted Iron Ore e-auction on 28th April 2020 by reducing the base price by only Rs.350 per MT to Rs. 800 per MT for Daitari CLO Iron Ore. However, due to such high base price, none of the bidders participated in the e-auction and the price could also not be derived for LTL buyers.
Last week, India’s largest miner NMDC had announced a further reduction in Iron Ore prices by Rs. 470 per MT. After this reduction, the price of 65.5% grade (6-40mm) CLO has been fixed at Rs.2250 per tonne while the price of 64% grade (-10mm) Iron Ore fines has been fixed at Rs.1960 per tonne. With this, the PSU miner has reduced Iron Ore prices more than Rs. 1,000/- in the last 2 months.
