India: Bids drop m-o-m at OMC's chrome ore auction
At OMC's chrome ore auction today, 78,500 t were sold of the 106,800 t offered. Bids declined by 5-12% (INR 950-2,136/t) m-o-m for grades above 40%, while they stayed largely stable for grades below 40%. Compared to the base prices, bids were higher by 0.4-3% (INR 100-700/t). Lower demand and a decline in ferro chrome prices kept auction interest muted.