India: OMC Reduces Base Price by 15% for Apr’20 Chrome Ore Auctions

OMC intends to sell 33,100 MT of Chrome ore by e-auctions on 28th April 2020. The base price has been reduced by 15% with respect to February auctions, in an anticipation of a dull Ferro Chrome market. The stainless-steel market across the globe is widely impacted by the pandemic and this in return will further cease the demand for Ferro Chrome. Therefore, in line with the economic slowdown and dull demand the Chrome ore prices have been reduced.

The details of the proposed auctions are as below: –

• OMC intends to sell various grades of chrome ore (friable) produced at South Kaliapani and Sukrangi Chromite mines in the Sukinda valley of JK Road Region, Jajpur Dist, Odisha.

• The total quantity offered for the e-auction from both the mines is 33,100 MT. Out of which, 30,800MT is from South Kaliapani Mines and the remaining 2,300MT belongs from Sukrangi Mines.

• The Chrome Ore / Concentrate as mentioned in the e-auction schedule would be available from Chrome Ore Mines / Stockyard.

• The bid value quoted shall be the basic price in Rupees per WMT (Wet Metric Ton) for the mineral. This would be inclusive of royalty but exclusive of cess and other statutory duties and levies etc. applicable at the time of supplies, which would be extra and payable by the successful bidder.

• The minimum quantity for the bid from both the mines is 100 MT and thereafter in multiples of 100 MT.

The grade-wise Chrome ore with respective Base Price and quantities from both the mines is as summarized below for ready reference.