India: OMC Chrome Ore July Auction Receives Weak Response
State Owned, Odisha Mining Corporation (OMC) conducted the e-auction on 15 Jul’19. Amid low demand in the market, and falling Ferro Chrome prices, OMC received a meagre response, as the entire quantity was not booked.
Mostly traded Chrome ore grade +54% from South Kaliapani mines didn’t receive adequate bids and had a residual quantity of 3,400 MT. The total quantity offered from South Kaliapani and Sukrangi Mines were 34,200MT, out of which only 30,200MT was booked leaving 4000MT quantity unsold. Total quantity offered from Bangur Mines were 776MT out of which 286MT were booked. Bangur Chips received no response. A major quantity of 2478MT was offered from Paradip Port, but didn’t receive any bids.
Continuous falling Ferro Chrome prices are keeping the producers from refilling their inventories. Demand for Chrome Ore has vastly reduced as Ferro Chrome producers are faced with lower selling price and higher cost of Production for Ferro Chrome in the market.
source: SteelMint
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