India: Chrome ore dispatches inch down by 2% m-o-m in May'24

Indian chrome ore dispatches experienced a slight m-o-m decline of 2% in May, dropping to 335,239 tonnes (t) from 341,857 t in April. This minor decrease may be attributed to the pressure in ferro chrome prices, which fell by around INR 2,600/t in May.

Indian Metals & Ferro Alloys Limited (IMFA) saw a significant 195% m-o-m increase in dispatches, as they stockpiled ahead of the monsoon season. On the other hand, Tata Steel and Ferro Alloys Corporation Limited (FACOR) reported m-o-m decline in dispatches of 23% and 9%, respectively. Odisha Mining Corporation (OMC) also saw a 4% m-o-m reduction in dispatches.

Procurement trend

In May, IMFA emerged as the largest chrome ore buyer, securing the entire 55,212 t from its own captive mines. Tata Steel stood as the second-largest buyer, acquiring 49,483 t from its own mines. Jindal Stainless sourced 55% (24,191 t) of its material from OMC, 37% (16,041 t) from Tata Steel, and the remaining 3,494 t from its own mines.