OMC has scheduled an auction for around 2.58 mnt of iron ore (1.07 mnt of lumps and 1.51 mnt of fines) on 20 Aug’24. The company has reduced base prices m-o-m by up to INR 200/t in lumps and INR 100-350/t for fines. The continuous drop in pellets, sponge and steel prices had forced miners to decrease the base prices for the upcoming auction.
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