India: OMC Chrome Ore Auctions Receives Weak Response
State Owned, Odisha Mining Corporation (OMC) conducted the e-auction on 14 May’19. Amid low demand in the market, and falling Ferro Chrome prices, OMC received a meagre response, as the entire quantity of friable chrome ore received bids at about the same as the base price.
Although, the high-grade lumps from Bangur Mines received better response as it received bids at much higher percentage over the base price. However, no bids were received for material from Sukrangi Chromite Mines for the grades 44-46% and 42-44% and chips from Bangur Mines were also not bid leaving the residual quantity to be 700MT from Sukrangi Mines and 370MT from Bangur Mines.
OMC offered a total of 34,200MT Friable Chrome Ore for auction, of which 33,000MT Friable Chrome Ore was from South Kaliapani Chromite Mines and 1200 MT from Sukrangi Chromite Mines. Out of which 33,500MT were bid leaving 700MT residue.
Base Prices were reduced for May’19 by 5.4% as compared to the Apr’19 Auctions. The bid received for +54% and 48-50% grades remained same as that of the base price and was booked at the base price. The bid received for the Friable Ores are in the range INR 10,467-10,567/MT for 52-54% grade, INR 8,241-8,341/MT for 46-48% grade, and INR 7,243-7,343/MT for 44-46% grade.
Odisha contributes almost entirely towards chrome ore production in India. Chrome Ore Production in FY’19 was noted to be 4,282,529MT. It is almost similar to the previous year’s production viz., FY18. Total Production by Captive miners remained at 485,740MT in FY19 and for Merchant miners are at 3,796,789MT.
source: SteelMint
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