MSTC, on behalf of OMC, will conduct auction of 21,300 tonnes of chrome ore on 2 Sept’15.
The last chrome ore e-auction was held on 31July’15, in which prices were reduced across all grades. Even OMC had to cancel allocation of Chrome ore concentrate for auction owing to low prices. While the +54 grade friable chrome ore price of the South Kaliapani Mines was reduced by 8% to INR 13,679 from INR 14,889 in June. Similarly, the 52-54 grade price was reduced by 9.6% to INR 12,214 from INR 13,523 in the previous month.A steep decline in price had been seen in the 48-50 grade which was reduced by 27.8% to INR 10,110 from INR 14,018.
Chrome ore prices are expected to remain low in the coming months also. Grant of mining lease extension to Tata’s Sukinda chrome mines with merchant status is a significant development in this regard as it would increase Chrome ore availability in the market in the coming months.
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