The impact of weak market outlook for the Ferro chrome industry has been reflected in the Chrome ore sale of Odisha government controlled Odisha Mining Corporation (OMC). OMC witnessed lukewarm response in the October round of Chrome ore e-auction, as only 6,900 MT was sold. Around 22,000 MT had been put for auction. Out of the 6,900 MT sold, VISA Steel has bought 5000 MT.
The +54 grade friable Chrome ore fetched (H1 price) INR 14,377/MT whereas, 48-50 grade fetched INR 9,945/MT and the 46-48 grade fetched INR 9,530/MT. But OMC has cancelled allotments of all other grades that have fetched lower prices.
Chrome prices are also under pressure due to increased availability of the material after Tata Steel’s commencement of production at its Sukinda chrome mines, from a couple of months back.
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