OMC conducted an auction for 1.057 mnt of iron ore lumps (Fe 58-64%) on 20 Jul’24. The buyers booked 0.953 mnt (90% of the offered quantity) of lumps at INR 3,770-6,000/t. Steelmakers showed an active response for the lumps auction, but bids dropped around INR 100-700/t compared to last month. Notably, the miner had reduced the base prices m-o-m in the range of INR 150-250/t /t for July.
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