India: OMC's chrome ore auction sees bids drop m-o-m amid market slowdown
At OMC's chrome ore auction yesterday, only 24,500 t were sold of the 115,000 t offered. Bid prices dropped by 1-26% (INR 129-7,966/t) m-o-m for most grades. Sources indicated higher base prices, weak buying interest, and the ongoing market slowdown for the subdued response. There were marginal price variations for the sold material, with premiums rising slightly by 1% (INR 100-200/t) over the base prices.