Bhubaneswar: The state owned Odisha Mining Corporation (OMC) fetched better prices for its chrome ore in the recently held Chrome ore e-auction. As per sources chrome ore prices has increased more than 22 percent over the previous base price. Prices of the 54 grade for the inside state quota now stands at Rs. 14,200 per tonne up from Rs. 12,037 a tonne in the last auction.
“Prices went up due to lower amount of material available for sale and on expectation of better demand for the stainless steel making ingredient” said a participant.
As per reports total 34,400 tonne friable and 12,900 tonne concentrate chrome ore was available for the auction. OMC has raised base price by 3%, participants bid higher by 19% increasing rates by more than 22 percent of the previous base price.
Of the state quota Jindal Stainless has been successful in getting an allotment of 15,000 tonne. On the other hand Rohit Ferrotech has been allotted 6,500 tonne and Visa has got an allotment of 5000 tonne, Jabamayee has been allotted 3,500 tonne from the state quota.
SteelMint assessed that Chrome Ore prices have moved up in line with rising prices of Ferro Chrome. The Ferro Chrome market is witnessing a demand pull from a seasonal recovery in European and American demand and with the appreciation of the Indian Rupee and South African rand against the US dollar prices are going to rise further in the coming days. Usually Q4 is also a period for restocking and prices remain firm during this period.
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