India: OMC to auction 1,600 t of HC ferro chrome

• • Base price of primary lot set at INR 121,500/t ($1,266/t) exw

• • Ferro chrome spot prices face pressure from weak demand

Odisha Mining Corporation (OMC) has scheduled an auction for 1,600 t of high-carbon ferro chrome across multiple grades and sizes (Cr: 53-64%, 0-100 mm) on 29 July. The base price for the primary 100 t lot of HC ferro chrome (Cr: 60-64%, 10-100 mm) has been set at INR 121,500/t ($1,266/t) exw. The auction is expected to provide a key indication of market sentiment as India’s ferro chrome market remains slightly under pressure from softer chrome ore prices, subdued stainless steel demand and cautious procurement by buyers.

At OMC’s chrome ore auction on 20 July, 60,500 t were booked out of 104,800 t offered, with bids declining 0.05-3% (INR 300-600/t) m-o-m from the previous auction. Most lots were awarded at the base price, reflecting restrained buying interest. Meanwhile, Vedanta-FACOR’s ferro chrome auction on 15 July saw the larger HC ferro chrome lot (Cr: 58% min, 10-150 mm) achieve an H1 price of INR 121,400/t ($1,258/t) exw, close to OMC’s base price.

In the spot market, trading activity has remained sluggish as major stainless steel producers have largely completed their monthly procurement programmes. Lower inquiry levels and resistance to higher offers have pushed prices lower, while smaller buyers continue to purchase only limited volumes at discounted levels to meet immediate requirements. The upcoming auction is therefore expected to provide a key indication of current buyer sentiment and pricing direction.