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OMC / India Rises Prices Of Chrome Ores For Shipments In Q2 / 10
= Price Of High Grade Ore Rises By 33% Compared To That In Q1 / 10
Orissa Mining Corporation (OMC) of India announced in this week to rise the prices of chrome ores (friable ores) to be applied to deliveries during the 1st April to the 30th June of 2010. Namely, the new prices of chrome ores for deliveries to domestic market of India in April - June quarter have risen by 32.9% for high grade ore (Cr2O3 = 52% base) and by 40.7% for medium grade ore (Cr2O3 = 42% base) in comparison with those applied to deliveries in January - March quarter.

Since autumn of last year, the production of chrome ore in India has become active and the demand for chrome ore from domestic market of India has been on an energetic tone. The exports of chrome ores from India (mainly for China) have been also on a favorable tone. Following this trend, sales prices of Indian chrome ores had bottomed out in April - June and July - September quarters of 2009 and turned to rise from October - December quarter of 2009.

The movements of prices for Indian chrome ores (friable ores) during October - December quarter of 2009 to April - June quarter of 2010 are as per the table attached hereto.

For a reference, the exchange rate of Indian Rupee against US-Dollar is US$1.00 : Rupee 44.28 at present and, on the basis of this exchange rate, the unit prices on US$ base of Indian chrome ores for shipments in April - June quarter correspond to <> high grade ore = US$270 (compared to US$203.09 for January - March quarter) and <> medium grade ore = US$148.62 (compared with US$105.62 for January - March quarter).
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last modified : Mon 12 Apr, 2010 [11:16]
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