India: OMC Chrome Ore Auction Concludes at 6% over Base Price
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State-Owned, Odisha Mining Corporation (OMC) conducted the e-auction on 13 Aug'19. Despite low demand in the market, and falling Ferro Chrome prices, OMC received a good response, as the entire quantity was booked at prices approximately 6% higher than the base price. Lower graded material viz., 46-48% and 44-46% received a much higher response as the booking price was 14% higher than the base price.
OMC offered a total of 34,200MT Friable Chrome Ore for auction, of which 32600MT Friable Chrome Ore is from South Kalapani Chromite Mines and 1600 MT from Sukrangi Chromite Mines.
The bid received for the Friable Ores are in the range of INR 9828 - 9928/MT for +54% grade, INR 9246-9346/MT for 52-54% grade, INR 8368-8468/MT for 48-50% grade.
| OMC Chrome Ore Auction held on 13 Aug 2019 | |||||
| Mines | Grade (Cr2O3) | Base Price (INR/MT) | Quantity offered for e-auction (MT) | Bid Quantity (MT) | Weighted Avg Price (INR/WMT) |
| South Kaliapani Chromite Mines | .+54% | 9528 | 13100 | 13100 | 9889 |
| 52-54 | 8746 | 6500 | 6500 | 9321 | |
| 48-50 | 8068 | 6500 | 6500 | 8408 | |
| 46-48 | 6952 | 1600 | 1600 | 7952 | |
| 44-46 | 6111 | 4900 | 4900 | 6984 | |
| Sukrangi Chromite Mines | .+54% | 9409 | 100 | 100 | 9409 |
| 48-50 | 7822 | 200 | 200 | 7922 | |
| 46-48 | 6668 | 300 | 300 | 7468 | |
| 44-46 | 6378 | 700 | 700 | 7178 | |
| 42-44 | 6088 | 300 | 300 | 6088 | |
| Total | 34200 | 34200 | |||
