Odisha Mining Corporation (OMC) has reduced base price of chrome ore up to 27 % in the upcoming e-auction scheduled on 15th of December. MSTC on behalf of the Odisha government controlled miner will conduct e-auction for sale of 29,300 MT of chrome ore and out of this, 27,300 MT are friable chrome ore of different grades and 2000 MT of chrome ore concentrate on different grades.
Meanwhile, OMC has reduced base price of +54 grade friable chrome ore by 23% to INR 9,891 from INR 12,877 in October. The 52-54 grade friable has been reduced by 23% to INR 9,525 from INR 12,400 in October. On the other hand, base price of 48-50 grade friable price has been reduced by 27% to INR 7,235 from INR 9,945 in October. Similarly, 46-48 grade friable ore has been reduced by 27% to INR 6,933 from INR 9530 in October.
OMC has been in tremendous pressure to reduce the base price as Odisha based ferro chrome makers were demanding reduction of base price in view of fall in international ferro chrome prices. OMC’s October round of chrome ore e-auctions had fetched lukewarm response from the buyers due to high base price and drop in prices of ferro chrome in the domestic and international market. In October, OMC managed to sell only 6,900 MT of chrome ore out of the offered 22,000 MT owing to higher base price.
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