- 68,800 t booked out of 104,700 t
- Indian ferro chrome prices fall INR 2,900/t ($30/t) m-o-m
Auction sees mixed bidding trend
OMC offered 104,700 t of chrome ore in its latest auction today, of which 68,800 t was booked. Bids declined by 1-2% (INR 141-566/t) m-o-m for the majority of grades, while a few grades recorded increases of 1-4% (INR 236-884/t).
Despite softer bids across most grades, premiums over the base price increased by up to 5% (INR 100-1,400/t), indicating continued competition for select grades despite cautious buying sentiment.
Softer bids reflect cautious ferro chrome market
The decline in chrome ore bids comes amid subdued buying interest in the domestic ferro chrome market. Its prices declined by INR 2,900/t ($30/t) m-o-m in August. Ferro chrome prices softened as buyers remained cautious and resisted higher offers, while wider bid-offer gaps limited trading activity.
The pressure was also reflected in the recent Vedanta-FACOR ferro chrome auction on 12 August, where bids declined m-o-m despite remaining above the base price. The development highlighted cautious buyer sentiment amid limited downstream demand and pressure on ferro chrome realizations.
Meanwhile, China’s ferro chrome output reached a record high in July, adding to supply concerns and weighing on export sentiment.
Overall, the softer OMC bids reflect a cautious procurement approach among ferro chrome producers, although premiums for select grades remained supported.
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