Karnataka Manganese Ore E-auction Receives Good Response

State-owned, MSTC-Karnataka, conducted the e-auction on 09 Dec’ 19. The auction has received a moderate response, as the entire quantity of Manganese ore was booked at 7.5% higher value than the total Floor value. A tender for 35,312 MT was released by MSTC –Karnataka, while 6080MT was not booked. Ores from Sandur Manganese & Iron Ore (SMIORE) Mines were put under the hammer during this month’s auction. The Auction was concluded in two phases. According to the bidders, many of the Manganese Alloy producers did not participate actively as they have booked enough materials in the previous auction which was held on 25th Nov’19 and are having enough stock in hand.

The Manganese (Mn) content of the material offered was in the range of 24-33% and Iron (Fe) content was in the range of 16-30%, 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.

For the first phase, the total Value at Floor Price was INR 73,080,000 and the total Value at Bid Price was at INR 77,827,680 which was 6.5% higher than the floor value. For the second auction, the total Value at Floor Price was INR 67,284,000 and the total Value at Bid Price was at INR 73,054,800 which was marginally up by 8.58% as compared to the floor value. While, for both the phases, the entire quantity was not booked, however, the booking prices were relatively much higher than the base prices for most of the lots.