Sandur Manganese & Iron Ores Ltd (SMIORE) had conducted an auction for at around 59,472 t of manganese ore (Mn: 18-34%, size: -10 to 100mm) on 12 April 2024. According to sources, around 19,152 t (Mn: 20-35%) was booked at INR 3,000-10,400/t (close to base price), while around 40,320 t remained unsold, as per data compiled with BigMint.
Key observations:
Bids remain close to base price: It appeared that there were hardly any alterations in the base price and the bid prices.
- For instance, manganese ore (Mn: 20-22%) were set at the base prices of INR 3000/t ($36/t), and the bidding ended at stable margins of INR 3010/t ($36/t).
- While another grade of manganese ore (Mn: 30-32%) had its base price at around INR 8270/t ($99/t) which again ended at a bid price at around INR 8300/t ($99/t), which again had a slight inclination by INR 30/t. Likewise other grades of manganese ore persisted stability in the base and bid prices.
Bids remain largely stable m-o-m: Analysis says auction results for March 2024 bid prices were recorded for Manganese ore (Mn: 30-32%) INR 8270/t ($99/t), while in April 2024 bids were at INR 8300/t ($99/t), inched up by INR 30/t. Similarly, for grades (Mn: 28-30%) bids fetched at INR 7730/t ($93/t) in March-April 2024.
Notably, SMIORE is 3rd largest manganese ore miner in India capacity has already been enhanced for manganese ore production from 0.28 mnt pa to 0.46 mntpa, and further proposed to increase to 0.58 mnt pa.