India: OMC Receives Encouraging Response; Entire Quantity Sold

OMC witnessed a positive response in the September round of Chrome Ore auction as the entire quantity of friable chrome ore received bids at an average of about 20% above the base price.

State-owned, Odisha Mining Corporation (OMC) recently conducted the e-auction, offering a total of 32,500 MT chrome ore. Out of which 30,300 MT was put under the hammer from South Kaliapani and rest 2200 MT from Sukrangi. A quantity of 6520 MT was lumps, chips, and fines from Bangur.

The floor price set for the September round of auction has been reduced by an average INR 300/MT on the backdrop of weak Ferro Chrome prices in the market.

The bid received for the friable ores are at a weighted average price of INR 13,027/MT for +54% grade, INR 12,395/MT for 52-54% grade, INR 11,273/MT for 48-50% grade, INR 10,788/MT for 46-48% grade, INR 10,035/MT for 44-46% grade and INR 8,633/MT for 42-44%.

However, only 1000 MT of lumps and 250 MT of fines from Bangur received bids at its base price.