Bids rise by 8% on average over base price at Vedanta’s ferro chrome auction

Vedanta (FACOR) held an auction for 1,900 t ferro chrome today in which the entire material was booked at approximately 8% higher than the set base prices for different grades, as per SteelMint reports. Most of the major ferro chrome producers have run out of inventory and are not offering in the spot market. SteelMint assessed ferro chrome prices at INR 85,500/t, exw-Odisha, on 26 May’21. However, it is expected that the bids fetched at the Vedanta auction will set the tone for the domestic ferro chrome market.