State-owned, MSTC-Karnataka, conducted the e-auction on 30 Aug’ 19. Amid low demand in the market, and continuous falling Manganese alloy prices, the auction received a meager response, as the entire quantity of Manganese ore received bids at about the same as the base price. Ores from Sandur Manganese & Iron Ore (SMIORE) Mines and Narayan mines were put under the hammer during this month’s auction. The total quantity offered for the e-auction from SMIORE and Narayan mines is 16,128 MT. Total Quantity offered from Narayan mines were 3,024MT and from SMIORE quantity offered was 13,104MT.
The Manganese (Mn) content of the material offered was in the range of 20-38% and Iron (Fe) content was in the range of 16-28%, according to information on MSTC’s website. Royalty 5%, & GST (5% on Ore auction price; 18% on Royalty, and Bulk permit processing fee) are applicable.
The total Value At Floor Price was INR 113,778,000 and the total Value At Bid Price was at INR 114,528,960 which was 0.66% higher than the floor value. However, a few grades received a higher response above their base price. Prices and demand for Manganese Ores are suffering due to Sluggish steel Market conditions. Manganese Alloys are available at much cheaper cost which forced many smelters to shut down the production of Manganese Alloys.
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