India: Bids drop INR 350/t ($4/t) m-o-m in OMC’s lumps auction; nearly 1 mnt sold

In OMC’s auction for 0.98 mnt of iron ore lumps (Fe 60-65%) on 19 Jun’25, 0.976 mnt (almost 100%) were booked at INR 5,150-7,500/t, with premiums of up to 23%. Weighted average bids fell by INR 350/t m-o-m. Earlier, the miner had reduced base prices by INR 500/t m-o-m amid weaker market sentiments. Pre-monsoon restocking led to increased demand, but prices dropped due to weak sponge and steel tags.