India: OMC sharply reduces base prices for Jun’25 iron ore auction

OMC has scheduled an auction for 2.05 mnt of iron ore (0.98 mnt of lumps and 1.07 mnt of fines) on 19 Jun’25. The miner reduced base prices by INR 500-700/t ($6-8/t) and INR 500/t ($6/t) m-o-m for fines and lumps, respectively. The sharp decline in pellet and sponge prices in central eastern Indian led to a drop in OMC’s base prices.