India's state-owned Odisha Mining (OMC) increased base prices of chrome ore at its October auction because of limited availability of ores.
OMC set the base price for 48-49.99pc grade ore from its South Kaliapani mines at 21,026 rupees/t ($250.2/t), up from 19,743 rupees/t at its September auction. Trades remain slow because of high production costs and a sluggish stainless steel market, despite producers seeking higher returns in the domestic market given high freight charges in the export market.
OMC is selling its 50-51.99pc grade ore from its Sukrangi mines in October at Rs21,902/t, but it did not sell in September's auction.
State-owned trading firm MSTC will, on OMC's behalf, offer 23,500t of 42-54pc grade friable chrome ore from the South Kaliapani and Sukrangi mines on 18 October. This is up from the 22,400t offered in OMC's September auction. And it will also offer 1,400t of 32-36pc lumps, chips and fines from OMC's Bangur mines.
India's domestic 60pc grade ferro-chrome prices were stable at Rs110,000-111,500/t ex-works on 17 October.
