India: Manganese ore bids in Sandur auction remain firm m-o-m in Dec'24

• Buyers book 34% of offered quantity in auction
  
  
• Grades (Mn 30-32%) get high priority
  
  

On 3 December 2024, Sandur Manganese & Iron Ore Ltd (SMIORE) auctioned 34,272 tonnes (t) of manganese ore (Mn: 20-35%, -10-100mm). Approximately 11,592 t were sold at prices ranging from INR 2,500-12,400/t, while the remaining 22,680 t remained unsold, as per sources.

Data indicated that only around 34% of the total offered quantity was successfully booked. Also, grades of Mn 30-32% received the highest priority from bidders.

Key observations

Bids remain constant m-o-m

30-32% grade accounted for the largest share of nearly 40% in the total sold quantity. Data showed that the bids for Mn: 30-32% (lumps) in the auction on 3 December were recorded at a weighted average of around INR 9,950/t ($117/t), while those on 20 November were at around INR 9,960/t ($118/t), remaining stable m-o-m.

Meanwhile, bids for lumps Mn: 32-34% also remained stable in the auction on 3 December 2024 with bids at around INR 11,370/t ($134/t), against similar seen on 20 November.

Limited demand for manganese alloys was the reason for the unchanged bids m-o-m.

Bids vs base price steady

The auction saw no variation between base and final bids. For instance, both the base and bid prices for Mn 30-32% grade lumps were at INR 9,950/t ($117/t).

Meanwhile, other grades of manganese ore (32-34%) also remained unaltered. The base price was set at INR 11,370/t ($134/t), and the final bidding price was also at the same level.