India: Recent Karnataka iron ore auctions fail to attract buyers

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U Krishna Prasad held a 12,000 t-iron ore auction from Sandur with the fines(Fe61.58%)’ floor price fixed at INR 3,100/t and lumps(Fe61.78%) INR 3,850/t (incl. royalty, DMF and NMET).
SKMEPL held a 96,000 t-auction from Bellary for which the floor price of fines and lumps, (Fe58.1-66%), was INR 2,414-3,844/t and lumps INR 4185-4365/t (excl. royalty, DMF and NMET).
Both the auctions conducted on 3 Oct’22 failed to receive response.

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