India: OMC iron ore lumps auction sees entire offered volume booked; bids fall by up to INR 750/t m-o-m

• Expectations of improved supply, steel market downtrend prompt price drop
• Guali, Jilling prices buck trend; 5-18 mm bids rise by INR 350-1,050/t m-o-m

The Odisha Mining Corporation (OMC) recorded bookings for the entire 0.731 million tonnes of calibrated lump ore (CLO) offered in its auction on 22 October 2026. Prices decreased by INR 100-750/tonne (t) m-o-m across most mines and grades amid lower base prices for select lots.

The auction offered 10-40 mm, 18-40 mm and 5-18 mm material, with Fe content ranging from 60% to 62%. Among the key lots, the highest H1 price was INR 7,950/t for Jilling’s 18-40 mm lumps, followed by INR 7,600/t for Khandbandh’s 10-40 mm material, and INR 7,550/t for Dubna-Sekradihi’s 10-40 mm grade.

Daitri’s 10-40 mm lumps settled at INR 6,000/t, down by INR 550/t m-o-m, while Gandhamardhan’s material reached INR 6,300/t, down by INR 50/t. However, for Guali, 5-18 lumps prices stood at INR 6,950/t, up by INR 1,050/t m-o-m; similarly, for Jilling, 5-18 mm fetched INR 7,050/t, up by INR 350/t. Bids for other lots from different locations declined m-o-m.

The decline in prices is likely due to expectations of improved supply and downstream demand weakness. With the monsoon receding, iron ore availability is expected to improve. Meanwhile, the decline in sponge iron and billet prices over the past two weeks has reinforced the market’s downward trend.

Despite this, the complete booking of offered quantities and firm price increases indicate strong competition for OMC’s calibrated lump ore. Price direction will depend on subsequent auction volumes, domestic iron ore availability and demand from sponge iron and steel producers. However, trends in finished steel and downstream raw material prices will remain important in determining the sustainability of the gains.