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OMC, India's state-owned mining company, raised its base price for chrome ore in January due to rising demand for ferrochrome.
OMC has raised the base price of 48-49.99% ore from its south Kaliapani mine to 9885 rupees per ton (134.70 US dollars per ton), up about 16% from 8465 rupees per ton in December last year. In addition, the company has raised the base price of 50-51.99% grade ore in Sulangi to 10266 rupees per ton, compared with 8817 rupees per ton in December last year. Market participants said that the rising demand for ferrochrome at home and abroad supported the price of chrome ore. With the increase of overseas inquiries, manufacturers further increased their quotations.
Driven by rising global demand and rising stainless steel prices, the ex factory price of ferrochrome with 60% chromium content in India rose to 80000 rupees / ton, reaching the highest level in 22 months. Market participants predict that China's import demand will remain strong due to power shortage limiting ferrochrome production, while the risk of further upward ferrochrome prices is also driven by the increase in stainless steel production and the rising cost of coke raw materials.
MSTC, an Indian trading company, today issued a tender to sell 35,100 tons of 42-54% fragile chrome ore from South Kaliapani and surangi for shipment in January. The company also sold 100,000 tons of chrome ore with a grade of less than 40% in the same tender.