India: Bids decline at iron ore auction by private miners in Karnataka

Bids inched down at the recent Karnataka iron ore e-auction conducted on 28 Jul’21 by private miners. Highlights of the auction:

• The auction fetched bids for 452,000 t of iron ore (432,000 t fines and 20,000 t lumps) out of the total quantity of 488,000 t.
• JSW Steel was the largest buyer at 256,000 t.
• Bids for iron ore fines (Fe 57.5%) offered by Vedanta decreased to INR 3,608/t as against INR 3,747/t at the previous auction conducted on 1 Jul’21.