India: Bids rise at NMDC’s iron ore auction from Kumaraswamy

NMDC conducted an iron ore e-auction on 3 Feb’22 from its Kumaraswamy mines in which the entire quantity of 353,000 t was booked.

• Iron are lump (Fe 63.98%) was booked at INR 3,875-3,885/t (basic, taxes extra), up INR 200/t compared to the previous auction on 19 Jan.
• JSW Steel emerged as the largest buyer, with bookings at 176,000 t, followed by Vedanta Limited at 40,000 t.