In OMC’s auction for 1.79 mnt of iron ore fines (Fe 54-65%) on 20 Jun’24 around 1.68 mnt (94%) was booked at INR 2,570-5,750/t ex-mines. Bids decreased around INR 800-1,200/t for the majority of fines lots against last month owing to a drop in pellet and sponge iron prices. Notably, the miner had reduced the base prices m-o-m in the range of INR 250-300/t for June.
