BS reported that the Supreme Court appointed monitoring committee, which is supervising the electronic auction of iron ore in Karnataka, has decided to put up 4 million tonnes of ore for bids in October.

Of this, 2 million tonnes would be auctioned tomorrow, being the third one.

A total of 1.24 million tonnes was sold through the two auctions in September.

The move comes after the iron and steel industry pleaded with the Karnataka chief minister to increase supplies. The Karnataka Iron and Steel Manufacturers Association had recently urged the government to conduct E auctions every day or on alternate days to ensure a continuous supply of the raw material for their furnaces.

(Sourced from business-standard.com)