State-owned, MSTC-Karnataka, conducted the e-auction on 19Jun’ 19. Amid low demand in the market, and falling Manganese alloy prices, the auction received a meager response, as the entire quantity of Manganese ore received bids at about the same as the base price. Ores from Sandur Manganese & Iron Ore (SMIORE) Mines was put under the hammer during this month’s auction. The total quantity offered for the e-auction from SMIORE mines is 10,584MT.
The Manganese (Mn) content of the material offered was in the range of 28-35 % and Iron (Fe) content was in the range of 16-26%, according to information on MSTC’s website. The ore comes under IBM Grade% in the range of 25 to 34.99%. Shri Hari Ferro Alloys Pvt Ltd. and M B SMELTERS PRIVATE LIMITED bidded the entire lot offered from SMIORE at higher prices, approximately 7% higher than the base price. Royalty 5%, & GST (5% on Ore auction price; 18% on Royalty, and Bulk permit processing fee) are applicable.
The total Value At Floor Price was INR 89,208,000 and the total Value At Bid Price was at INR 90,699,840 which was 1.67% higher than the floor value. Prices and demand for Manganese Ores are suffering due to Sluggish steel Market conditions. Manganese Alloys are available at much cheaper cost which forced many smelters to shut down the production of Manganese Alloys.
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