Business Standard reported that the Odisha Mining Corporation has slashed sized iron ore rates of different grade by INR 200 per tonne to INR 400 per tonne for the July-September quarter.

OMC cut prices of ore with 62% iron content in Koira circle to INR 5,606 per tonne per tonne, lower than INR 6,002 per tonne in Apr-June period.

Similarly, the rate of 65% grade iron ore has been slashed to INR 7,404 a tonne, against INR 7,611 in the previous quarter.

It announced INR 4,311 per tonne for Barbil sector ore having 62% iron content

For Gandhamardan sector, the mineral trader set prices between INR 4,500 to INR 6,700 per tonne, lower than INR 400 to INr 500 per tonne compared to prices announced in the first quarter.

OMC decides prices of iron ore every quarter through a tender process. It invites bid from interested buyer for selling a fraction of its total salable quantity and fixes prices of rest of the quantity as per average prices of bidding. For July-September period. OMC had invited bid for 88,000 tonne iron ore of different grade.

Source - Business Standard

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