Chrome ore dispatches witnessed an increase of 34% in February. The surge in dispatches can be linked to the uptick in ferro chrome prices, climbing by around INR 4,800/t ($58/t) m-o-m in February 2024. The demand for the raw material rose as the prices increased during the month. Additionally, the surge in Tata Steel’s dispatches by 46,118 t m-o-m was another contributing factor to the overall uptick in dispatches.
Tata Steel took the forefront with a 54% surge in dispatches. Odisha Mining Corporation (OMC) and Ferro Alloys Corporation Limited (FACOR) also reported 40% increase in dispatches. Dispatches from Jindal Stainless remained stable, with a slight uptick of 3%.
On the other hand, Indian Metals & Ferro Alloys Limited (IMFA) experienced a decline, with chrome ore dispatches dropping by 17%.
Procurement trend
In February, Tata Steel stood out as the top buyer, securing a total of 63,050 t from its captive mines. Following closely, Jindal Stainless obtained 93% (48,440 t) of its supply from OMC, with the remaining 7% (3,649 t) sourced from its own mining ventures. IMFA emerged as the third-largest buyer, procuring the entire 51,925 t from its own mining activities.
