MSTC recently conducted an e-auction on behalf of SMIORE, Bellary, in which it received bids from only 4 different companies.
India’s state-owned trading company, MSTC, which had conducted the e-auction of manganese ore in Karnataka on 4 Dec’15, has fetched bids at the set floor value. Producers from Andhra Pradesh were awarded almost all of the material, apart from Hira Power and Steels Ltd., Chhattisgarh which was awarded 992 MT.
There was increase in bids over floor value by a mere 0.05%. This time about 3,968 MT of manganese ore was put on auction and all of which was successfully sold.
The manganese (Mn) content of the material offered ranges from 24.5-29 % and iron (Fe) content was in the range of 26 -30%, according to information on MSTC’s website. For, Mn – 29%; Fe – 26 to 28%, H1 (winning bids) was awarded at the same price as the floor price of INR 2,750/MT (USD 1.41/dmtu). Royalty 5%, VAT 5.5% (on auction price and royalty) /CST, and FDT 12% are applicable.
The price for similar grade of manganese ore (Mn 28-30%) is around INR 4,500/MT (USD2.32/dmtu) in Odisha.
Consumer uptake has been sluggish, corresponding with the slowdown in the domestic Manganese Alloys and Finish Steel market. Market inactivity has been persistent, and so miners are still held up with existing stocks which they have been unable to sell as desired.
Manganese Alloy prices were down on low end-user demand. Silico manganese prices for Week 50 (07 Dec-13 Dec) was assessed at around INR 39,500/MT, Ex-Raipur and INR 40,000/MT, Ex-Durgapur.
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