India: Recently-held Karnataka iron ore auctions receive weak response

The iron ore auctions conducted on 18 Mar’23 in Karnataka received poor responses.

• At the Vedanta’s 16,000 t of lumps auction, 8,000 t (10-40mm, Fe58.50%) were booked at INR 4,324/t against the base price of INR 4,214/t.
• At the NMDC’s 508,000 t auction, only 8,000 t of lumps (10-40 mm, Fe57.08-64.04%) and 148,000 t of fines (Fe57.42-63.58%) were booked at the base price of INR 2,575-3,606/t and INR 2,566-3,321/t, respectively.
• Prices exclude royalty, DMF, and NMET.