India: Bids drop m-o-m at OMC's chrome ore auction

At OMC's chrome ore auction today, 30,800 t were sold out of the 65,800 t offered (including the -40% grade). Bids fell 9-36% m-o-m for most grades (INR 2,586-11,020/t). A bid premium of 10-25% (INR 2,100-5,500/t) was observed, only for higher grades. The subdued ferro chrome market, widening bid-offer gaps, and a drop in Chinese tender prices could have contributed to the drop in bids.