At Odisha Mining Corporation’s (OMC) iron ore lump auction today 785,000 t, or 93% of the total quantity of 841,000 t, received bids. The auction received bids lower by up to INR 1,250/t as against the last auction in mid-Feb’22. Drop in sponge iron prices and weak sentiments amidst correction in prices globally on rising COVID cases in China resulted in the fall in bids.
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