Vedanta (FACOR) auctioned 1,750t of HC 60% ferrochrome of different sizes in 17 lots. For 10-50 mm size, bids were received in the range of INR 96,300-97,900/t. The participants in the auction were mostly traders. Meanwhile, the bid price increased by 4% on average over the base price. The auction closed at higher levels to last week’s assessed spot price of INR 96,500/t. This indicates that the market is expecting a price hike after the Chinese market reopens next week.
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