State-owned, MSTC-Karnataka, conducted the e-auction on 20Jul’ 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 and Narayan mines were put under the hammer during this month’s auction. The total quantity offered for the e-auction from SMIORE and Narayan mines is 14,112 MT.
The Manganese (Mn) content of the material offered was in the range of 20-35.99% and Iron (Fe) content was in the range of 16-34%, according to information on MSTC’s website. 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 108,612,000 and the total Value At Bid Price was at INR 109,806,480 which was 1.10% 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. However, a few grades received a higher response above their base price.
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