India: Chrome ore dispatches drop 12% y-o-y in FY’25

• OMC’s dispatches decline 24% y-o-y
  
• IMFA emerges as leading buyer followed by JSL

India’s chrome ore dispatches declined by 12% y-o-y to 3.03 mnt in FY’25 from 3.45 mnt in FY’24. Key factors contributing to this decline were:

• 1% y-o-y dip in India’s ferro chrome production, totalling 1.35 mnt in FY’25
• A significant decrease in ferro chrome prices by INR 7,300/t in FY’25, driven by subdued demand
• Reduced demand from the stainless steel segment.

Major miners witnessed a decline in chrome ore dispatches, with the Odisha Mining Corporation (OMC) and Tata Steel reporting decrease of 24% and 26% y-o-y, respectively. In contrast, Balasore Alloys saw a remarkable surge of 690%, while Vedanta-Ferro Alloys Corporation (FACOR) reported an 8% increase y-o-y.

Procurement Trends


Indian Metals and Ferro Alloys (IMFA) emerged as the top buyer in FY’25, sourcing 0.64 mnt from its own mines. Jindal Stainless ranked second, procuring 76% (0.4 mnt) from OMC, 13% (0.07 mnt) from Tata Steel, and 11% (0.06 mnt) from its captive mines. Tata Steel stood third, sourcing entire 0.28 mnt from its own mines.