The OMC Chrome Ore e-auction received a weak response. OMC in this round of auction had offered chrome concentrate and chrome ore fines at a quantum of 9,450 MT and 2,690 MT respectively.
The company offered material from Bangur mines, Orissa. As per the specification, Cr2O3 was in the range of 32% – 54%.
As per market sources, the auction received feeble response where few lots received bids and that also at base price. Chrome ore lumps grade Cr 38% and Cr 36% material got sold at the set base price. The offered quantities of the same were 3,290 MT and 1,800 MT respectively. Fines of grade Cr 46% and 44% was also sold at around base prices only.
Most of the material did not receive any bids and remained unsold. In this e-auction participation as well as material offered was less as only 20 trucks can be loaded per day.
SteelMint assessed that weak response in this auction can be attributed to Ferro Chrome prices, which have started coming down and most Ferro Chrome producers prefer Friable Chrome ore over Chrome concentrates.
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