India: OMC cuts base price for upcoming iron ore auction
Odisha Mining Corporation (OMC) has scheduled an auction for around 2.54 mnt of iron ore (1.06 mnt of lumps and 1.49 mnt of fines) on 20 Jul'24. The company has reduced base prices m-o-m by INR 150-250/t in lumps and INR 700-800/t for majority of fines lots. The continuous drop in pellets, sponge and steel prices had forced miners to decrease the base prices for the upcoming auction.