OMC’s Chrome Ore Auction Receives Encouraging Response

OMC witnessed a positive response in the April round of Chrome Ore auction and received bids at an average of 14% over the base price and more than 90% of auctioned commodity got booked.

State-owned, Odisha Mining Corporation (OMC) recently conducted an e-auction, offering a total of 32,500 MT chrome ore. Out of which 31,100 MT are friable ore, and 1,400 MT is concentrate.

The company has offered the material of quantity 25,000 MT from South Kalapani chromite mines, 6,100 MT from Sukrangi Chromite Mines, and 1,400 MT from COBP Kaliapani.

The bid received for the friable ores are at a weighted average price of INR 15,201/MT for +54% grade, INR 14,746/MT for 52-54% grade, INR 12,463/MT for 48-50% grade, INR 10,852/MT for 46-48% grade, INR 9,630/MT for 44-46% grade and INR 7,328/MT for 42-44%.

While the bid received for the Chrome Conc. INR 11,250/MT for 48-50% grade and INR 10,867/MT for 46-48% grade. However, Chrome Conc. 38-40% grade, which was also put under the hammer – did not receive any bid.

A fall in Ferro Chrome prices in India owing to weak steel fundamentals in China has prompted OMC to cut their floor price substantially.