India: Chrome ore dispatches suffer owing to high prices

Indian chrome ore dispatches suffered a steep fall of 34% m-o-m in Feb '21 as the prices of chrome ore increased by around 80% m-o-m. Few ferrochrome producers refrained from lifting chrome ore from OMC as they found the prices too high and were unsure of ferrochrome prices sustaining at these levels. The price increase in ore was much higher than the ferrochrome price increase.

Meanwhile, TATA Steel sold only limited chrome ore in the market despite increased demand for ferrochrome. Most of their dispatches were to the plants doing conversion for TATA steel.

IMFA remained the largest receiver of chrome ore, with the majority of ore from their captive mines, and some from OMC. However, dispatches from OMC particularly increased for Jai Balaji Industries and IMFA.