OMC Chrome Ore Auction received substantially high bids with 100% of offered quantity receiving bids.
State-owned Odisha Mining Corporation (OMC), recently conducted an e-auction for Chrome Ore on 5th Apr’17. Total quantity offered was 39,500 MT, out of which 34,400 MT was from South Kaliapani Chromite Mines and 5,100 MT from Sukrangi Chromite Mines.
As per market sources, all the chrome ore offered by OMC received bids and at prices which is substantially higher than base price.
Chrome Ore grade 52-54% received the highest bid over the base price in this auction, with 24% hike at INR 23,510/MT. Grade 48-50%, registering a hike of 20% over the base price of INR 18,845/MT. Grade 50-52%, on the other hand received 10% higher bids on its floor price.
All other grades also received good response but have recorded only a marginal hike above its base prices.
However, OMC is yet to finalize on awarding the tender at the highest bids received. A decision on the same is expected in the coming 1-2 days.
Previous OMC Chrome Ore auction on 6th Mar’17
OMC Chrome Ore auction which was held in the previous month received a good response and 100% of offered quantity was booked. The bid price on an average registered a hike of around 11% over the base price. For, 54% grade material OMC had received 3 bids at – INR 20,400, INR 21,014 and INR 20,814/MT.
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