India: Bids drop m-o-m in OMC's iron ore lump auction despite active participation

OMC auctioned 1.078 mnt of iron ore lumps (Fe 58-64%) on 17 Jan'25, of which 100% material was booked at INR 4,500-8,800/t with a premium of INR 500-2,350/t over the base prices. Steel mills actively responded to the auction. However; bids (weighted average) fell by around INR 250/t m-o-m. The miner raised base prices by INR 150/t m-o-m for the lumps lots.