- Iron ore fines base prices lowered by INR 150/t
- Lump ore prices reduced by INR 50-450/t m-o-m
The Odisha Mining Corporation (OMC) has announced its upcoming e-auctions for iron ore fines and calibrated lump ore (CLO), with base prices lowered across grades compared with the previous month amid a downturn in the eastern India steel market.
According to the auction notices dated 22 October, 2026 OMC has set lower floor prices for both fines and lumps. The reduction comes at a time when sponge iron and billet prices in eastern India have declined by up to INR 1,500/t over the past week, reflecting continued weakness in the regional steel market.
In the fines category, base prices have been reduced by around INR 150/tonne (t) against last month’s levels. For calibrated lump ore, the reduction ranges from INR 50-450/t, depending on the grade and source of material.
The latest auction covers iron ore produced from several OMC mines including Daitari, Gandhamardan, Guali, Jilling, Kurmitar, Khandbandh, Banspani, Unchabali and Dubna-Sakradihi, among others.
As per the auction notice, OMC has offered a total of 1.43 million tonnes (mnt) of iron ore fines, including 1.413 mnt of regular fines and 30,000 t of sub-grade material. The calibrated lump ore auction comprises approximately 0.731 mnt.
Market participants will closely track participation and bid premiums in the upcoming auctions to assess whether lower floor prices translate into stronger buying interest. The extent of demand will also depend on the direction of sponge iron and billet prices, mill operating rates and the availability of competing iron ore supplies.
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