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The recently concluded Chrome Ore e-auction by Odisha Mining Corporation (OMC) fetched a mixed response, as higher grade Ore received lower bids and lower grade Ore received higher bids, compared to previous auction.
A total of 91,000 tons of Chrome Ore was on offer, out of which 78,000 tons was friable ore and 13,000 tons were concentrated ore.
Out of total quantity available for auction 705 was reserved for state based industries and 30% for outside state.
Chrome ore of grade 54+ received highest bid of Rs 12,037/MT, which was sold at Rs 14,473 earlier. Whereas, grade 44-46 received highest bid of Rs 9,809, which was sold at Rs 8,556?MT in the last E-auction.
However, bids remained flat from manufacturers located outside the state. Chrome ore of grade 54+ was bid at around Rs 13,300/MT (ex- mines basis, including royalty).
Industry sources mention that high grade ore have been asked at lower rate owing to weak demand in domestic and global market. Ferro Chrome prices in Chinese market has also corrected by 50-100 Yuan.
Current offers for HC Ferro Chrome (50% Basis) hovers 6850-6950 (84-86 cents/pound) Yuan/MT against 6900-7100 Yuan/MT last week.