In Odisha Mining Corporation’s (OMC) iron ore lumps auction today, out of a total of 1.22 mnt of material on offer only 77,000 t (6%) received bids. The bid prices in today’s auction fell up to INR 500/t as against the last month’s bid price. Iron ore prices in Odisha are declining fast, following the drop in domestic metallics and steel prices and a bearish demand and price outlook globally.
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