India: Bids rise m-o-m at OMC's chrome ore auction
At the Odisha Mining Corporation (OMC) chrome ore auction today, 59,400 t were sold out of 114,600 t offered. Bids for grades above 40% increased by 13-17% (INR 2,498 - 3,545/t) m-o-m, while bids for grades below 40% rose by about 10% (INR 997/t). Bids also exceeded base prices by 3-5% (INR 700 - 1,300/t). The price increase is likely driven by the recent rise in ferro chrome prices and stable end-user demand.