Home » Odisha govt may set up panel for e-auction

Odisha govt may set up panel for e-auction

Odisha govt may set up panel for e-auction
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Media reports indicate that Odisha government
plans to set up a special committee under the steel and mines department to take care of e-auction of iron ore.

It is learnt that the proposed committee would carry out the task in association with MSTC. The online auction conducting agency, MSTC is ready with all necessary infrastructure and is awaiting the government nod.

The committee will also take over charge of chrome ore e-auction currently conducted by OMC, reports indicate.

This reflects a change in the earlier proposal of the state government to canalise the iron ore trade via its mining arm Odisha Mining Corporation (OMC).

The state government had, in November last year, decided to sell entire iron ore and manganese produced in the state through online auction route by employing OMC as the canalising agent in order to address the issue of raw material supply problems of domestic steel units.

The state government had even constituted a committee comprising of cabinet ministers and headed by finance minister to chalk out the modalities of the trading.

According to current practices, steel manufacturers procure raw material from private miners at a negotiated price and also buy iron ore sold by OMC, which announces the ore rates every quarter.

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