Vedanta subsidiary Electrosteel Steels Ltd (ESL) scheduled an auction for the sale of iron ore fines and lumps (both Fe 58-60%) today from its Nadidih BICO and Feegrade mines, Odisha. According to market sources, the entire quantity of 50,000 t of fines was booked at around INR 1,500-1,600/t (inclusive of royalty) against the base price of INR 1,250/t while lumps failed to fetch bids. The offered quantity was lowered to 70,000 t at the time of auction from 220,000 t announced earlier.
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