India: Bids drop for lower chrome ore grades in OMC's auction
At OMC's chrome ore auction today, 59,100 t was sold out of 76,900 t offered. Prices for most grades fell by 4-7% (INR 801-1,306/t) m-o-m, while higher grades (48-54+%) surged by 29-39% (INR 7,237-7,785/t). The ferro chrome market remained under pressure amid bid-offer disparities, falling Chinese tender prices along with subdued stainless steel demand, which likely contributed to the price drop.