OMC conducted an auction for 1.77 mnt of iron ore lumps (Fe 58-64%) on 19 Apr’24. The buyers booked 1.163 mnt (99% of the offered quantity) of lumps at INR 5,000-7,950/t. Steelmakers showed an active response with aggressive buying and bids averagely increased by INR 650-700/t for the majority of lots against last month. The increase in sponge iron prices in the central-eastern region contributed to the rise in bids.
