OMC conducted an auction for 1.121 mnt of iron ore lumps (Fe 58-64%) on 20 Jun’24. The buyers booked 1.114 mnt (99% of the offered quantity) of lumps at INR 3,750-7,150/t. Steelmakers showed an active response for the lumps auction but bids dropped around INR 1,100/t (weighted average) compared to last month. Notably, the miner had reduced the base prices m-o-m in the range of INR 1,150-1,350/t for June.
