Mumbai, Sept. 29 -- India's biggest steelmakers have tamped down their bids for iron ore mines over the past two years as aggressive bid premiums and the remote location of some of the recently auctioned assets clouded the benefits of acquiring them.

Of the 24 mines auctioned since the beginning of 2024, only four were acquired by large integrated steel companies, according to Mint's analysis of data from Big Mint, a market intelligence firm.

ArcelorMittal Nippon Steel (AMNS) India successfully bid for two iron ore blocks in Chhattisgarh in March this year, paying premiums of over 150%. JSW Steel snapped up a block in Goa in November 2024 at a premium of 92%. Jindal Steel acquired a mine in Odisha in June this year for premium of 117.5%...