- Only 13% of offered volume booked
- Mn 30-32% grades account for largest share of bookings
Sandur Manganese and Iron Ores Limited (SMIORE) conducted a manganese ore auction on 16 Oct’26, offering 45,304 t of lump ore across 22-34% Mn grades in 10-100 mm size fractions. Bid levels remained largely stable, indicating steady market sentiment despite subdued buying activity.
The auction witnessed an offtake of around 5,768 t, representing just 13% of the total volume offered, while the remaining 39,536 t remained unsold. The Mn 30-32% grades attracted the strongest interest, accounting for the highest bookings, with approximately five lots sold in each grade.
Bids match base prices across most grades, except Mn 32-34%
Bids for Mn 22-24%, 26-28%, 28-28% and 30-32% manganese ore matched their respective base prices at INR 5,645/t ($59/t), INR 8,250/t ($87/t), INR 8,250/t ($87/t) and INR 10,275/t ($108/t). However, Mn 32-34% ore attracted bids of INR 12,305/t ($129/t) against a base price of INR 11,585/t ($122/t), representing a premium of INR 720/t, or 6.2%. This indicates limited competitive bidding across most grades, with higher-grade ore being the only category to secure a premium.
The limited auction offtake came amid weakness in the downstream alloy market. BigMint assessed Indian silico manganese (60-14) prices in Visakhapatnam at INR 83,100/t ($868/t) on 16 October, down INR 1,700/t ($18/t) week on week from INR 84,800/t ($885/t) on 9 October. Subdued downstream demand continued to constrain buying interest, keeping most manganese ore bids at base levels despite a premium for the higher-grade Mn 32-34% material.
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