India: Over 1 mnt of lumps booked in OMC’s iron ore auction; bids fall INR 100/t m-o-m

In OMC’s auction for 1.178 mnt of iron ore lumps on 19 Sep’25, around 1.088 mnt (Fe 60-65%) were booked at INR 5,600-7,400/t, with premiums of INR 50-1,400/t on the base prices. Weighted average bids fell by around INR 100/t m-o-m. Earlier, the miner had increased base prices by INR 50-150/t m-o-m for some lots. Weak steel market sentiments led to the drop in bids.