- Buyers acquire around 43% of offered quantity
- Demand primarily focused on grade Mn30-32%
On 18 February 2025, Sandur Manganese and Iron Ore (SMIORE) conducted an auction for 15,120 t of manganese ore (Mn: 20-34%, -10-100 mm). Out of the total quantity offered, 6,552 t (Mn: 20-32%) were successfully booked, with prices ranging from INR 2,570-9,960/t. This means approximately 43% of the available quantity was sold, leaving nearly 8,568 t unsold.
Buyers showed preference largely for the 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 stable: Bids for Mn: 30-32% were at INR 9,960/t ($115/t) in the auction on 18 February, remaining firm compared to bids on 5 February which stood at the same level.
Meanwhile, bids for Mn: 26-28% grade were at INR 8,290/t ($96/t) in the latest auction, unchanged from the previous auction.
Bids unchanged against base prices: In the recent auction, base prices and bids were almost at the same level. 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 20-22%, 22-24%, 28-30% and 30-32%).
It is worth noting that earlier the same auction had an offered quantity of around 83,160 t but later on the company withdrew and revised the quantity to 15,120 t. Moreover, the stability in bids is an outcome of stable demand and need-based purchases of manganese alloys producers.
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