India: OMC raises base prices by up to INR 150/t ($2) m-o-m for Jan'25 iron ore auction

OMC has scheduled an auction for 2.667 mnt of iron ore, (1.078 mnt lumps and 1.589 mnt fines) on 17 Jan'25. The miner increased fines and lump base prices by INR 100/t and INR 150/t m-o-m, respectively. Due to limited availability of iron ore in eastern India, OMC increased the base prices and also raised the offered quantity by 0.4 mnt compared to last month.