OMC conducted an auction for 1.19 mnt of iron ore lumps (Fe 58 to 65+%) on 21 May’24. The buyers booked around 1.05 mnt of lumps at INR 4,850-7,850/t. Notably, bids have increased by around INR 150-1,300/t against the set base price. Hike in sponge iron (CDRI) prices in the central-eastern region contributed to the rise in bids.
