India: OMC Chrome Ore Auctions Receives Overwhelming Response

State-Owned, Odisha Mining Corporation (OMC) conducted the e-auction on 25 Nov'19. The auction received an overwhelming response, as almost the entire quantity was booked at approximately 40% higher than the base price. OMC lowered its base prices by up to 33% for the Nov auctions. Although the auction received much higher bids, yet it was comparatively lower to the last month's prices. OMC offered a total of 30,500 MT Chrome Ore for auction, of which 29,900MT Friable Chrome Ore is from South Kaliapani Chromite Mines and 600 MT from Sukrangi Chromite Mines.

The bid received for the Friable Ores are in the range of INR 11,733 - 11833/MT for +54% grade, INR 10,954-11,054/MT for 52-54% grade, INR 9,896-9,996/MT for 48-50% grade. The higher-grade ores from both South Kaliapani and Sukrangi mines had the highest demand and were booked by up to 50% higher than the base price.