India: OMC Chrome Ore Auction Witness Positive Response

OMC witnessed a positive response in the July round of Chrome Ore auction as the more than 90% offered quantity received bids at an average of 7% above the base price.

State-owned, Odisha Mining Corporation (OMC) recently conducted the e-auction, offering a total of 35,537 MT chrome ore and concentrates. Out of which 32,300 MT are friable ore, 2,820 MT hard lump and 237 MT is concentrate.

The company had offered 28,200 MT from South Kalapani chromite mines, 4,100 MT from Sukrangi Chromite Mines, 237 MT from COBP Kaliapani and 2,820 MT from Bangur Mines.

For this round of auction, OMC raised the base price for chrome ore by a range of INR 354-669/MT against the previous month, owing to the rising Ferro Chrome prices in China due to supply crunch situation.

The bid received for the friable ores are at a weighted average price of INR 13,832/MT for +54% grade, INR 13,010/MT for 52-54% grade, INR 12,051/MT for 48-50% grade, INR 10,459/MT for 46-48% grade, INR 9,637/MT for 44-46% grade and INR 7,779/MT for 42-44%.

However, chrome conc. are left unsold as it was old stock and even the quantity was very low. On the other hand, most of the lumpy ores were also left unsold, except 10 MT of 44-48% grade.