India: Nearly 60% of material sold at OMC’s iron ore lump auction

At Odisha Mining Corporation’s (OMC) iron ore lump auction yesterday, 542,000 t, or 57% of the total quantity of 955,000 t, received bids. The miner increased the bid price for lumps by up to INR 600/t for the auction against the last auction on 18 Jul’22. OMC produced 27 mnt of iron ore in FY’22 compared to 13.06 mnt in FY’21.