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OMC hikes iron ore prices

Odisha Mining Corporation, which decides mineral prices in the state through quarterly auction process, has raised iron ore lump prices by INR 350 per tonne for April-June period after fall in ore production.

OMC raised prices of ore with 62% iron content in Koira circle to INR 6,002 per tonne, up from INR 5,751 per tonne quoted in the Jan-Mar quarter. Similarly, the rate of 65% grade iron ore has been increased by INR 1,100 per tonne to INR 7,611 a tonne.

However, OMC did not announce prices for lumps produced in the Barbil area. A senior OMC official said the rates could not be provided due to non-availability of auction data. But trade sources said, OMC chose not to display Barbil iron ore prices on its quarterly rate chart due to lower number of bidding amid drop in production.