In OMC’s auction for 0.954 mnt of iron ore lumps on 17 Oct’25, 100% material (Fe 60-65%) was booked at INR 5,450-7,750/t, with premiums of INR 550-1,150/t while few lots sold upto INR 2,550/t premium. Weighted average bids remained firm m-o-m. Earlier, the miner had decreased base prices by INR 550/t m-o-m for all lots. Bids were strong due to a material shortage, despite the sharp decline in steel prices.
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