India: DR-CLO lots in NMDC’s auction fetch aggressive participation

India’s largest iron ore miner – NMDC conducted iron ore e-auctions today for 701,400t iron ore from its Chhattisgarh mines. Offered quantity comprised of 600,600 t of fines, 50,400 t DR-CLO and rest comprised of lump and ROM. The DR-CLO lots received a good response with the entire quantity booked and bids increased by around INR 1,100/t over the set base price of INR 5,965/t, as it is still cost-effective than other substitutes. Bids for lump moved up by around INR 300 over the set base price of INR 5,139/t, SteelMint learned. However, the fines lot fetched a weak response as only 58,000t was booked.