The online reverse auction tender process which was held yesterday for the third time received no bids.
The SAIL tender which was floated for purchase of 60,940 MT silico manganese, to meet the requirement of its various plants for a duration of 6 months, starting from Oct’16 to Mar’17, in two cycles of 3 months each. The techno-commercial bid had revealed that 8 plants had participated in the tender.
However, the online reverse auction which was held yesterday for the third time received no bids as participants expect higher prices, with the floor price being fixed at INR 54,000/MT this time. The company has had to withdraw the tender as it received no bids.
This decision has mostly come in because of the low floor price, revealed market sources. Notably, silico manganese prices have increased sharply on back-drop of rising manganese ore prices in India. Current offers for 60/14 are around INR 56,000/MT (Ex-Works, Raipur) and INR 55,000/MT (Ex-Works,Durgapur). Prices are excluding excise duty and taxes.
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