OMC’s Chrome Ore Auction Receives Positive Response

OMC witnessed an encouraging response in the March round of Chrome Ore auction, as it received bids at about 20% above the set base price.

State-owned, Odisha Mining Corporation (OMC) recently conducted an e-auction, offering a total of 32,500 MT chrome ore. The company has offered Chrome Ore of quantity 27,000 MT from South Kalapani chromite mines, 1,800 MT from Sukrangi Chromite Mines, and 3,700 MT from COBP Kaliapani.

The bid received for the friable ores are at a weighted average price of INR 16,242/MT for +54% grade, INR 15,325/MT for 52-54% grade, INR 14,675/MT for 48-50% grade, INR 13,311/MT for 46-48% grade, INR 12,540/MT for 44-46% grade and INR 9,677/MT for 42-44%.

While, the bid received for the Chrome Conc. is INR 14,139/MT for 50-52% grade, INR 13,372/MT for 48-50% grade and INR 11,505/MT for 46-48% grade. However, Chrome Conc. of 38-40% grade, which was also put under the hammer – did not receive any bid.

A rise in UG2 Chrome Ore price from South Africa and firm Ferro Chrome prices prompted the major miner to elevate their base prices for the auction, which resulted in such a positive response.