India: Over 8,500 t of manganese ore booked in Sandur's auction

• Buyers book 35% of offered quantity
  
  
• Buyers show preference for lower grades
  
  

On 13 September 2024, Sandur Manganese and Iron Ores Ltd held an auction for 24,696 t of manganese ore (Mn 20-30%, -10-100 mm) fines and lumps. Approximately 8,568 t were sold at prices ranging from INR 2,300/t to INR 9,280/t, while the remaining 16,128 t went unsold, as per sources.

Only around 35% of the offered quantity was booked.

Key observations

Bids inch down in Sep'24 against Jul'24 auction

• Data showed that the bid prices for Mn 28-30% (lumps) in the September 2024 auction were recorded at a weighted average price of INR 8,800/t ($105/t), with nearly 2,000 t getting booked. Bid prices in July 2024 were at INR 9,070/t ($108/t).
  
  
• Similarly, bid prices for Mn 20-22% fines were recorded at INR 2,320/t in September versus a weighted average bid price of INR 2,552/t in July's auction. Over 4,500 t were booked for this grade in September 2024.
  
  

The m-o-m fall in bids observed in Sandur's manganese ore auction reflects market instability in domestic manganese alloys and a cautious stance among decision-makers. This uncertainty might have led to reluctance among potential bidders, impacting auction turnout and overall engagement.

Notably, in September 2024, silico manganese (60-14) prices in India fell by INR 3,600/t ($43/t) m-o-m to INR 66,900/t ($797/t) exw-Vizag.