India: OMC Chrome Ore Auction Receives Satisfactory Response

OMC witnessed a positive response in the May round of Chrome Ore auction as all the offered quantity received bids but only at marginally above the base price.

State-owned, Odisha Mining Corporation (OMC) recently conducted the e-auction, offering a total of 32,500 MT chrome ore and concentrates. Out of which 31,200 MT are friable ore, and 1,300 MT is concentrate.

The company offered a total quantity of 22,100 MT from South Kalapani chromite mines, 9,100 MT from Sukrangi Chromite Mines, and 1,300 MT from COBP Kaliapani.

For this round of auction, OMC reduced the base price for chrome ore by an average of INR 1,230/MT against the previous month, owing to sinking Ferro Chrome prices amid a lackluster demand from China.

The bid received for the friable ores are at a weighted average price of INR 12,893/MT for +54% grade, INR 11,883/MT for 52-54% grade, INR 10,211/MT for 48-50% grade, INR 8,502/MT for 46-48% grade, INR 7,318/MT for 44-46% grade and INR 6,412/MT for 42-44%.

Also, the bid received for the Chrome Conc. INR 10,238/MT for 52-50% grade and INR 5,800/MT for 38-40% grade.