India's state-owned trading company MSTC, which had conducted the e-auction of manganese ore in Karnataka has fetched fewer bids, with most of the material being bought by Manganese Alloy producers from the Southern states of India, as imported Manganese Ore is still expensive with the weak Rupee. The Percentage Increase in winning bids received over Floor Value stood at 16.29 in the recently concluded e-auction, whereas, in the previous e-auction it stood at 31.75.
About 9,424 tonnes of Manganese Ore was put on auction all of which was auctioned from SMIORE, Bellary. The winning bids for the recently concluded e-auction were substantially lower to the previous e-auction, as demand for domestic Ore has waned with imported Ore available at lower prices due to the strengthening of the Rupee and correction in offer prices by international miners. The manganese content of the material offered ranges from 20-22%, 26-28% and 28-30%, according to information on MSTC's website.
For, Mn% Range= 20 to 22; Fe% Range= 28 to 30
Average H1 (winning bids) is around INR 1,356 /MT, with a Floor price of INR 750 /MT.
For, Mn% Range= 26 to 28; Fe% Range= 22 to 27
Average H1 (winning bids) is around INR 5,441 /MT, with a Floor price of INR 5000 /MT.
Meanwhile, offers from private miners in Balaghat could not be confirmed, as they are awaiting the announcement by MOIL for its offer prices for the next quarter, which is expected to be made in the first week of October. With the strengthening of the Rupee, Manganese Ore imports into India have increased and it is expected MOIL will offer at similar levels to the import prices.
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