State-owned, Indian chrome ore miner OMC increased the base price by 23% m-o-m for the auction held today. Market participants had expressed their reservations to SteelMint as they believed the base price was quite high when compared to the rise in ferrochrome price. Only 2,500t out of 35,100t regular grade offered received bids and that too at the floor price. Few producers also believe that limited response in the auction might bring down the chrome ore prices and they might also get the ore from TSML.
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