Indian chrome ore dispatches increased substantially by 18% m-o-m in November 2022 on higher demand from the major ferro chrome smelters as imported chrome prices rose in the end of October 2022. Prices rose due to high shipping costs and an unstable geopolitical situation in the international chrome ore market. Meanwhile, low spot inventory at ports in China kept prices supported.
Dispatches from IMFA surged sharply by 227% m-o-m in November with the entire volume of around 58,506 tonnes kept for captive consumption. On the other hand, chrome ore dispatches by OMC and Tata Steel rose by 8% and 9% m-o-m in November, respectively.
However, dispatches from FACOR dropped by 49% m-o-m in November for its captive consumption.
Procurement trend
IMFA (65,666 t), Jindal Stainless (47,581 t) and Tata Steel (40,562 t) remained the three largest receivers of chrome ore in November.
IMFA procured 89% of the material from captive mines, while the remaining quantity of around 7,160 t were procured from Tata Steel and OMC. In addition, Jindal Stainless procured a majority of the chrome ore (76%) from OMC and the remaining quantity of around 11,435 t from Tata Steel.
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