- Buyers book only 12% of offered quantity
- Preference seen largely for Mn 30-32% grades
Sandur Manganese and Iron Ore (SMIORE) conducted an auction for around 81,144 tonnes (t) of manganese ore (Mn: 20-35%, -10-100 mm) on 5 February 2025. According to sources, only around 9,576 t (Mn: 26-34%) were booked at INR 2,920-12,470/t, while nearly 71,568 t remained unsold, as per data with BigMint. This indicates that only around 12% of the offered quantity was booked.
Notably, bids for Mn: 30-32% grades remained steady compared to the previous auction on 24 January.
Buyers showed preference largely for lower grades (Mn 30-32%), as around four lots of the same were successfully sold. These were the highest sold among all the grades (lumps).
Key updates
Bids remain steady: Bids for Mn: 30-32% were at INR 9,960/t ($115/t) in the auction on 5 February, largely stable compared to bids on 24 January which stood at INR 9,963/t ($115/t).
Meanwhile, bids for Mn: 26-28% grade were at INR 8,290/t ($96/t) in the latest auction, which is again unchanged from the previous auction.
Bids remain stable against base prices: In the recent auction, base prices and bids were almost at the same levels. For instance, the base price of Mn: 26-28% was INR 8,290/t ($95/t), while the weighted average of bids for the same stood at INR 8,290/t ($95/t).
Similarly, there were no differences between base prices and bids for the other grades (Mn 22-24%, 24-25%, and 26-28%).
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