India's state-owned trading company MSTC is conducting 8th electronic auction on June 21 for mine head stocks of manganese ore held by Karnataka miner Sandur Manganese & Iron Ores (SMIORE).
About 8,432MT of Manganese ore will be put up for auction in 17 lots. The manganese content of the stocks ranges from 26-34%, according to information on MSTC's website.
MSTC held its first e-auction for manganese ore mined by SMIORE on September 21, through which 27,560 tonnes of Manganese Ore was sold.
In the previous auctions bids were concluded at Rs. 7,100 & Rs. 8,000 for Mn 32-34% and in the range of Rs. 5,500-8,800 for Mn 30-32% on ex-mines basis, excluding FDT and royalty of 4.2%. The high bids in the previous auction were mainly due to the poor availability of Manganese Ore in India. Despite the tumbling Ferro Alloy market, it is expected that the bids in the coming auction will be on the higher side, as the rupee has depreciated significantly, leaving Manganese Alloy producers with no option but to bid aggressively to secure Manganese Ore domestically.
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