India: OMC Chrome Ore Auctions Receives Overwhelming Response
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State-Owned, Odisha Mining Corporation (OMC) conducted the e-auction on 27 Jan'2020. The auction received an overwhelming response, as almost the entire quantity was booked at approximately 36.53% higher than the base price. OMC marginally increased its base prices by up to 1.67% for the Jan 2020 auctions. Although the auction received much higher bids, yet it was comparatively lower to the last month's prices. OMC offered a total of 33,100 MT Chrome Ore for auction, of which 32,300MT Friable Chrome Ore is from South Kaliapani Chromite Mines and 800 MT from Sukrangi Chromite Mines. A lot from Sukrangi mines of grade 42-44% received no bids in the auction.
The bid received for the Friable Ores are in the range of INR 10,859 - 10,959/MT for +54% grade, INR 10,175-11,275/MT for 52-54% grade, INR 9,108-9,308/MT for 48-50% grade. Higher graded ores remained at the highest demand and received aggressive bidding.
| OMC Chrome Ore Auction held on 27th Jan 2019 | ||||||
| Mines | Grade (Cr2O3) | Base Price (INR/MT) | Quantity offered for e-auction (MT) | Bid Quantity (MT) | Weighted avg Price (INR/MT) | Percentage change over Base Price |
| South Kaliapani Chromite Mines | .+54% | 7,659 | 11,300 | 11,300 | 10,948 | 42.94 |
| 52-54 | 7,375 | 8,400 | 8,400 | 10,269 | 39.24 | |
| 48-50 | 6,808 | 7,000 | 7,000 | 9,157 | 34.50 | |
| 46-48 | 6,524 | 2,800 | 2,800 | 7,860 | 20.48 | |
| 44-46 | 6,240 | 2,800 | 2,800 | 7,326 | 17.40 | |
| Sukrangi Chromite Mines | 52-54 | 7,375 | 100 | 100 | 9,675 | 31.19 |
| 50-52 | 7,091 | 100 | 100 | 8,291 | 16.92 | |
| 48-50 | 6,808 | 200 | 200 | 8,208 | 20.56 | |
| 46-48 | 6,524 | 100 | 100 | 6,924 | 6.13 | |
| 44-46 | 6,240 | 200 | 200 | 6,840 | 9.62 | |
| 42-44 | 5,957 | 100 | No Bid | NA | ||
| Total | 33,100 | 33,000 | ||||
