The recently concluded OMC Chrome ore auction has received an encouraging response as all the auctioned quantity received bids for. However, the avarage increase in bid value over the base price is up by a marginal 2.5%.
State-owned, Odisha Mining Corporation (OMC) recently conducted an e-auction, offering a total of 32,500 MT chrome ore. The company offered a quantity 29,100 MT from South Kalapani chromite mines, 3,200 MT from Sukrangi Chromite Mines, and 200 MT from COBP Kaliapani.
The bid received for the friable ores are at an weighted average price of INR 13,939/MT for +54% grade, INR 12,650/MT for 52-54% grade, INR 11,818/MT for 48-50% grade, INR 8,819/MT for 46-48% grade, INR 7,380/MT for 44-46% grade and INR 5,850/MT for 42-44%.
While, 46-48% grade chrome conc. received highest bids at INR 10,967/MT.
The commodity auctioned by OMC received bids at an average of 2.5% above the base prices. Elevated global chrome ore prices also failed to trigger an aggressive response in the bidding process.
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