In OMC’s auction for 1.025 mnt of iron ore lumps (Fe 58-65%) on 19 May’25, 1.017 mnt (99%) were booked at INR 5,500-8,150/t, with premiums of 2-17% over the base prices. Weighted average bids remained stable m-o-m. Pre-monsoon restocking of raw materials led to a positive response from sponge iron makers. Earlier, the miner had reduced base prices by INR 450/t m-o-m amid weaker market sentiments.
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