Indian chrome ore miner, OMC reduced the base price of chrome ore by around 25% m-o-m for the auction held today in line with the falling ferrochrome prices. Only 42% of 35,100t received bids at the floor price. Due to the postponed auction, most smelters are running out of chrome ore supplies. However, participants were reluctant to buy at a premium as they remained uncertain about future ferrochrome demand amidst the ongoing supply shortage of oxygen with the steel plants and the continuous closure of steel mills.
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