OMC conducted an auction for 1.807 mnt of iron ore fines (Fe 54-65%) on 21 May’24. Entire quantities of fines were booked at INR 4,220-6030/t. Bids for fines have increased by INR 300-1,000/t against the set base price, as per BigMint’s analysis. Active buying amid restocking before upcoming monsoons along with supportive sentiments from pellet, sponge and finished steel market has called for aggressive bids by the steelmakers.
