Indian chrome ore miner, OMC increased the base price by 82% m-o-m for the auction held today, which market participants feel is quite high when compared with the rise in ferrochrome price. Only 2,400t out of 35,100t received bids and that too at the floor price. Participants were reluctant to buy as they remained uncertain about what direction the market takes after the New Year holidays in China. Meanwhile, it is to be seen whether the management at OMC decides to reauction after reducing the base price.
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