India: Recent Karnataka iron ore auctions receive tepid response

Iron ore auctions from Karnataka held on 8 Mar’23 have received lukewarn response.

• In Vedanta’s 28,000 t of lumps auction, 16,000 t (Fe57%) were booked at the floor price of INR 3,726/t. Prices exclude royalty.
• SKMEPL’s auction for 40,000 t of lumps (Fe61.8-64.5%), with a floor price at INR 4,200-5,700/t, failed to attract buyers. Prices include royalty.