India: OMC sold around 1 mnt iron ore lumps in April auction, premium largely stable

In OMC’s auction for 1.141 mnt of iron ore lumps (Fe 58-65%) on 19 Apr’25, 0.97 mnt (85%) was booked at INR 6,100-7,600/t with majority of lots sold at base prices. Weighted average bids remained stable m-o-m. The miner had raised base prices by INR 350/t m-o-m for lumps amid tight availability of iron ore but buyers didn’t bids for acquiring entire material.