- Buyers acquire around 46% of offered quantity
- Demand primarily focused on grade Mn 20-22%
On 28 February 2025, Sandur Manganese and Iron Ore (SMIORE) conducted an auction for 13,104 t of manganese ore (Mn: 20-36%, -10-100 mm). Out of the total quantity offered, 6,048 t (Mn: 20-32%) were successfully booked, with prices ranging from INR 2,520-9,960/t. This means approximately 46% of the available quantity was sold, leaving nearly 7,056 t unsold.
Buyers showed preference largely for the lower grades (Mn 20-22%), as around four lots of the same were successfully sold. These were the highest sold among all the grades (lumps).
Key updates
Bids inch up when compared to last auction: Bids for Mn: 20-22% lumps were at INR 3,200-3,420/t ($37-39/t) in the auction on 28 February, compared to bids on 18 February which stood at INR 2,920- 2,970/t ($33-34/t).
However, bids for Mn: 26-28% grade were at INR 8,290/t ($96/t) in the latest auction, unchanged from the previous auction.
Bids rise against base prices: In the recent auction, base prices and bids inched up by 6%. For instance, the base price of Mn: 20-22% was INR 2,920/t ($33/t), while the weighted average of bids for the same stood at INR 3,365/t ($38/t), up by 15%.
Similarly, the base price of Mn: 18-20% was INR 2,520/t ($29/t), while the weighted average of bids for the same stood at INR 2,680/t ($31/t), up by 6%.
The increase in bids results from rising manganese alloy prices and higher export offers, driving demand and prompting competitive bidding during the auction.
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