There may not be any Chrome ore e-auction in November, as OMC is yet to take a decision on cutting the base price of Chrome ore for the next round of e-auction. The last Chrome ore e-auction had fetched lukewarm response from the buyer due to high base price and persistent correction in prices of ferro chrome in the domestic and international market. In the last e-auction held in October, OMC managed to sell only 6,900 MT of chrome ore out of the offered 22,000 MT owing to the high base price.
In the meantime, OMC has reduced the base price of iron ore lumps and fines for the e-auction scheduled to be held on 30th of this month.
Recently, Odisha based ferro chrome producers had demanded reduction of floor price of OMC chrome ore and concentrate in view of the fall in domestic ferro chrome prices. In the letter they had requested OMC to follow a mechanism of determining the market price of friable ore based on either the prevailing export FOB price of friable/concentrate ore adjusted for local transportation or by back calculating and deriving based on the prevailing domestic ferro chrome price.
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