India: Bids drop at Karnataka iron ore auction by private miners

Bids fell at the iron ore e-auction conducted by private miners in Karnataka on 3 Dec’21. Auction highlights:

• The auction fetched bids for 140,000 t out of 444,000 t.
• JSW Steel was the largest buyer at 112,000 t followed by Vedanta at 20,000 t.
• Bids for iron ore fines (Fe 57.5%) offered by Vedanta Ltd. decreased to INR 2,316/t against INR 2,450/t at the previous auction conducted on 19 Nov.