OMC Chrome Ore Auction Receives Weak Response

OMC Chrome Ore Auction received poor response with only 36% of auctioned Chrome Ore was bid for.

State-owned, Odisha Mining Corporation (OMC) recently conducted an e-auction for sale of Chrome Ore on 3rd Jul’17. Total quantity offered was 49,040 MT – out of which 34,700 MT was friable chrome ore (23,000 MT from South Kalaipani Mines, 7200 MT from Sukrangi Mines, and 4,500 MT from Paradip port). Chrome concentrate of quantity 2,300 MT was offered from COBP Kalaipani. Whereas, 12,040 MT Chrome ore hard lumps were offered from Bangur Mines.

As per the sources, only 17,700 MT Chrome Ore received bids, which barely makes 36% of the total quantity put on auction, that too at the base price.

Out of the total offered quantity, Friable Chrome Ore from South Kalaipani Mines received maximum bids. 3,800 MT of +54% grade was auctioned at INR 9,375/MT. 5,100 MT of 52-54% grade at INR 9,020/MT. 3,600 MT of 48-50% grade at INR 8333/MT, and 4,100 MT of 46-48% grade at INR 7,986/MT.

On the other hand, only 900 MT of 52-54 grade at INR 9,028/MT was sold from Sukrangi Mines out of offered 7,200 MT. 200 MT of Chrome Concentrate of 52% grade also received bid at its base price of INR 9,028/MT. However, material offered from Paradip Port and Bangur Mines did not receive any bids.

Previous OMC Chrome Ore Auction on 2nd Jun’17

OMC Chrome Ore Auction, which was held in June, had received weak response as well. In the previous round of auction, chrome concentrate of grade 52-54% was sold at its base price only. On the other hand, most of the sold friable ores witnessed a hike of marginal 5% on their base prices.