IDCOL’s ferro chrome auction fails to receive bid on higher base price

IDCOL conducted an auction for 1,400 t of ferro chrome (lump, chips and powder) today from its Jajpur plant. The base price was set at INR 132,000/t for 900 t lumps (10-100mm,Si-4%) and INR 130,000/t for 100 t lumps (10-100 mm, Si-2%). The auction failed to receive bids on higher base price owing to growing uncertainty over Chinese demand amidst major regions of the country under lockdown, sources informed.