India: OMC reduces base prices by up to INR 750/t ($8) for iron ore auction

OMC will auction 3.413 mnt of iron ore (1.193 mnt lumps and 2.22 mnt fines) on 19 Dec’25. The miner has reduced the base prices of lumps by INR 400-750/t and those of fines by INR 50-200/t. Meanwhile, the offered quantity has increased by around 0.5 mnt m-o-m. The decline in pellet and downstream steel prices led to the drop in auction base prices.