- Buyers book around 33% of offered quantity
- Buyer caution limits participation
On 5 June 2025, Sandur Manganese and Iron Ore (SMIORE) conducted an auction for 25,704 t of manganese ore (fines and lumps, Mn 18-35%, -10 to 100 mm). Of the total quantity offered, only approximately 8,568 t (33%) was successfully sold, with prices ranging between INR 2,520/t to INR 10,310/t. Consequently, around 17,136 t remained unsold.
Key updates
Bids dip compared to previous auction in April: Bids for 26-28% manganese lumps were at INR 6,690/t ($78/t) in the 5 June auction, reflecting a 16% drop from the previous auction on 19 April. Notably, grades 20-22%, 30-32%, and 34-35% were offered this time, though these were not available in the April auction.
Bids inch up against base prices: In the latest auction, bid prices witnessed a modest increase. For instance, the base price for 30-32% manganese lumps was set at INR 7,940/t ($92/t), while the weighted average bid rose slightly to INR 8,010/t ($93/t), indicating a 1% premium over base.
The 20-22% manganese grade exhibited a similar trend, with a base price of INR 2,920/t ($34/t) and bids rising 2% to INR 2,980/t ($35/t).
However, grades 18-20%, 26-28%, and 34-35% demonstrated firmness in both base and bid prices.
Factors behind drop in bids
Subdued participation can be an outcome of declining manganese ore prices and cautious buyer sentiment amid prevailing market uncertainties. Notably, India’s leading miner, MOIL, announced a price cut of 5% m-o-m for ferro grades exceeding and below 44% for June.
This cautious approach reflects buyers’ reluctance to commit amid fluctuating demand and price volatility, resulting in a less competitive auction environment. Also, BigMint’s assessment for silico manganese (60-14) prices in Vizag declined by approximately INR 800/t ($9/t) in May, settling at INR 71,000/t, compared to INR 71,800/t ($836/t) recorded in April.
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