India: Over 0.85 mnt of iron ore lumps fetch bids at OMC's auction
OMC auctioned 0.867 mnt of iron ore lumps (Fe 58-64%) on 20 Nov'24, of which 100% material was booked at INR 4,700-7,600/t with a premium of INR 400-1,550/t over the base prices. Steelmakers actively responded to the auction, with bids (weighted average) surging by around INR 50/t m-o-m. The miner reduced base prices by INR 950/t m-o-m for the lumps lots.