OMC Chrome Ore Auction Receives Encouraging Response

OMC Chrome ore auction receives a healthy response as more than 90% of the auctioned commodity (Conc. & Friable) was bid for.

State-owned, Odisha Mining Corporation (OMC) recently conducted an e-auction offering a total of 47,560 MT chrome ore. Out of which 30,300 MT are friable ore, 2,400 MT are concentrate, 11,000 hard lump, 1,220 MT Chips and 2,640 Fines. The commodity put under the hammer was from COBP Kaliapani, South Kalaipani mines, Sukrangi mines and Bangur Mines.

As per the sources, out of 32,500 MT of (Chrome Conc. & Friable Ore), around 30,900 MT were bid for. Among these, 38-40% grade Chrome Conc. and 42-44% grade friable Ore received no bid.

The bid received for the friable ore is above the base price at INR 12,483/MT for +54% grade, INR 11,941/MT for 52-54% grade, INR 11144/MT for 50-52% grade, INR 11,359/MT for 48-50% grade, INR 7,768/MT for 46-48% grade and 7,076/MT for 44-46% grade.

While, the bid received for the Chrome Conc. is INR 12,025/MT for 50-52% grade, INR 9,607/MT for 48-50% grade and INR 8,242/MT for 46-48% grade.

Commodities from Bangur Mines did not receive any bid due to its inferior quality and logistical cost from the same tends to be high.

A source revealed that base prices of ores were raised in this tender owing to rising UG2 chrome ore prices globally. The base prices were raised in a range of INR 1300-1700/MT for 52% grade and above, while the lower grades are increased in a range of INR 200-500/MT.