India: OMC Lowers Base Price For May Chrome Ore Auctions

State Owned, Odisha Mining Corporation (OMC) is all set to conduct the e-auction on 04 May’19. Ores from Sukrangi Mines and South Kaliapani Mines will be put under the hammer during this month’s auction.

The total quantity offered for the e-auction from Sukrangi and South Kaliapani mines is 34,200MT. The bid value quoted shall be the basic price in Rupees per WMT (Wet Metric Ton) for the mineral inclusive of Royalty and exclusive of Cess and other statutory duties and levies etc. applicable at the time of supplies will be extra and payable by the successful bidder.

For south Kaliapani and Sukrangi Mines, the minimum quantity to be bid is 100 MT, thereafter in multiples of 100 MT. The total quantity offered for the e-auction from Bangur mines is 905MT, which includes both lumps and chips. For Bangur Mines, Bidder must quote for entire Lot offered for the auction.

The Base price of May Chrome Ore Auction has been lowered amid sluggish Ferro Chrome market conditions. South Kaliapani Ore prices were reduced by almost 2% for May’19. Meanwhile, due to lowered prices for Ferro Chrome in the domestic and the global market, the producers were pessimistic and fearsome that if the prices for ores don't come down, many Ferro Chrome producers may have to shut down their production.