India: Bids decline by INR 900/t m-o-m in OMC's iron ore lumps auction
In OMC's auction for 1.3 mnt of iron ore lumps (Fe 60-65%) on 20 May'26, 1.24 mnt (95%) were booked at INR 4,750-7,100/t, with average premiums of INR 600/t over base prices. Weighted average bids fell by INR 900/t m-o-m. Earlier, OMC had decreased base prices of lumps by INR 150-1,100/t. A sharp decline in sponge CDRI prices and a weaker semi-finished steel market led to the fall in auction bids.