India: Bid prices drop by INR 250/t m-o-m in OMC's iron ore fines auction
In OMC's auction for around 1.589 mnt of iron ore fines (Fe 55-65%) on 17 Jan'25, around 1.493 mnt (94%) quantity was booked at INR 2,550-5,000/t ex-mines. The bids fetched premium of INR 150-850/t for a few lots against the set base price. However, weighted average bids fell by around INR 250/t m-o-m. The miner increased the base prices by around INR 100/t m-o-m for fines.