- Buyers acquire around 30% of offered quantity
- Demand mainly focused on lower grades
On 12 March 2025, Sandur Manganese and Iron Ore (SMIORE) held an auction for 22,176 tonnes of manganese ore (Mn: 18-35%, -10-100 mm). Of the total quantity offered, 6,552 t (Mn: 20-32%) were successfully sold, with prices ranging from INR 2,520-11,370/t. Approximately 30% of the offered quantity was sold, leaving around 15,624 t unsold.
Buyers predominantly favoured low-grade manganese ore (Mn 20-22%) in Sandur’s auction, with four lots of this grade getting sold out, making them the highest-selling of all grades.
Key updates
Bids edge down against last auction: Bids for Mn: 18-20% lumps were at INR 2,520/t ($31/t) in the auction on 12 March, compared to bids on 28 February which stood at INR 2,680/t ($31/t), down by 6%. Meanwhile, bids for Mn: 20-22% lumps were at INR 2,920/t ($33/t) in the auction on 12 March, compared to bids on 28 February which stood at INR 3,365/t ($39/t), down by 13%.
However, bids for Mn: 30-32% grade were at INR 9,960/t ($114/t) in the latest auction, unchanged from the previous auction.
Bids remain unchanged against base prices: In the recent auction, base prices and bids remained unchanged. For instance, the base price of Mn: 20-22% lumps was INR 2,920/t ($33/t), while the weighted average of bids for the same remained firm.
Similarly, the base price of Mn: 18-20% was INR 2,520/t ($29/t), while the weighted average of bids was the same. Another grade of Mn: 30-32% revealed the same pattern, with the base price at INR 9,960/t ($114/t) and the bid price also at the same level.
The stability in bids this month can be attributed to buyers’ need-based purchasing approach, reflecting cautious market sentiment and targeted procurement strategies rather than speculative or bulk buying activities.
Additionally, this time the company revised its offered quantity from 39,312 t to 22,176 t.
Article from Bigmint
