Vedanta (FACOR) auctioned 2,500t of HC 60% ferrochrome today with bids received in the range of INR 88,000-92,000/t for the 28 lots. The participants in the auction were a mix of traders and stainless steel producers. Considering the current market price of INR 95,000/t ex-plant, we believe that the auction closed at a lower level than expected. Market participants now await TATA Steel’s ferrochrome auction for 1,300 t, scheduled on 22nd Jan.
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