India: Recent Karnataka iron ore auctions receive tepid response

Iron ore auctions in Karnataka held on 13 Mar’23 received a lukewarm response.

• At VESCO’s 52,000 t of lumps auction, 8,000 t (Fe64.40%) was booked at a base price of INR 5,850/t and 12,000 t (Fe64.70%) was sold at INR 5,450/t.
• U Krishna Prasad’s 12,000 t (fines and lumps, Fe61.67-61.77%) auction failed to attract buyers. The floor price was INR 4,005-4,765/t.
• Prices include royalty, DMF and NMET.