HC FeCr tender by IDCOL settles high in line with market expectation

Bhubaneswar, Feb 13:

High carbon ferrochrome tender by IDCOL fetched bids in line
with the current market rates, which moved up sharply from the beginning of
February. Price of HCFC (2/8) Lumps went up by Rs 5,277/MT from the January
tender.

H1 price of High
carbon Ferrochrome in the February tender are as follows:

HCFC (4/8) Lumps-
Rs 71,165/ MT

HCFC (2/8) Lumps-
Rs, 73,165/MT

* Prices above are Basic Ex-IFCAL, Jajpur, Odisha

According to a top official from IDCOL, “Participants have
bid higher in the tender. The company which bid highest in the tender was
Kalinga Alloys Pvt. Ltd, a trading company based in Jajpur, Odisha. They had
sent bids for 100 MT of HCFC (4/8) & 150 MT of HCFC (2/8). In total 1,200
tonnes are offered through the tender at the H1 price. ”

Speaking about the current market scenario, he added,
“Production level is low & demand has started picking up. We are optimistic
about the market in the near term & hope the prices will stay high till
April-May 2013. Looking at the current scenario, we expect prices may touch a
level of Rs 80,000/MT for HC FeCr soon.”

When asked about the OMC’s e-auction of chrome ore to begin
from 16^th Feb, he said, “Looking at the short supply situation in
the market, we expect to see higher bids in the e-auction for chrome ore”.