India: OMC cuts iron ore lump base prices for upcoming iron ore auction
Odisha Mining Corporation (OMC) has announced a scheduled auction of approximately 2 mnt of iron ore, (*0.87 mnt of lumps and *1.15 mnt of fines) on 20 Nov'24. The miners reduced lump base prices by INR 950/t m-o-m but kept iron ore fines prices stable. This decision was due to drop of over INR 2,000/t in sponge C-DRI prices in the eastern region after last month's OMC auction.*Correction: The quantities of iron ore fines and lumps were incorrectly interchanged in the previous version. This error has been corrected.