India: Manganese ore bids in Sandur auction rise m-o-m in Nov'24

• Buyers book 46% of offered quantity in auction
  
  
• Lower grades (Mn 28-30%) get high priority
  
  

On 6 November 2024, Sandur Manganese & Iron Ore Ltd. (SMIORE) auctioned 20,696 tonnes (t) of manganese ore (Mn: 20-32%, -10-100mm). Approximately 6,552 t were sold at prices ranging from INR 2,500-10,200/t, while the remaining 14,144 t remained unsold, as per sources.

Data indicated that only around 46% of the total offered quantity was successfully booked.

Key observations

Bids rise m-o-m in Nov

Data showed that the bids for Mn: 28-30% (lumps) in the auction on 6 November were recorded at a weighted average of around INR 10,000/t ($119/t), while those on 10 October were at around INR 9,100/t ($106/t), up by INR 900/t up by 10%.

However, bids for lumps Mn: 30-32% remained largely stable with a slight increase of INR 100/t inched up by 1% seen in the auction on 6 November 2024 with bids at around INR 9,700/t ($115/t), against around INR 9,600/t ($114/t) on 10 October.

Bids increase

This auction saw an overall increase of 10% when comparing the base prices with the final bids. For instance, Mn 28-30% grade lumps had a base price of INR 8,930/t ($106/t), and the bidding reached a weighted average price of around INR 10,000/t ($119/t), reflecting an increase of around 12%.

Meanwhile, other grades of manganese ore (30-32%) inched up, with a 2% hike in the bids. The base price was set at INR 9,480/t ($112/t), and the final bidding price reached around INR 9,700/t ($115/t).