India: Sandur's manganese ore bids drop w-o-w

• Buyers book 31% of offered quantity
  
  
• Lower grades (28-30%) get preference
  
  

On 10 October 2024, Sandur Manganese & Iron Ore Ltd auctioned 22,680 tonnes (t) of manganese ore (Mn: 20-34%, -10-100mm). Approximately 7,056 t were sold at prices ranging from INR 2,500-10,600/t, while the remaining 15,624 t remained unsold, as reported by BigMint.

Data indicated that only around 31% of the total offered quantity was successfully booked.

Key observations

Bids inch down w-o-w on 10 Oct'24

Data showed that the bids for Mn: 28-30% (lumps) in the auction on 10 October 2024 were recorded at a weighted average of around INR 9,100/t ($114/t), while those on 3 October 2024 were at around INR 9,600/t ($114/t), down by INR 500/t (5%).

However, the bids for lumps Mn: 30-32% remained largely stable with a slight increase of INR 300/t (3%) seen in the auction on 10 October 2024 with bids at around INR 9,600/t ($114/t), against around INR 9,300/t ($111/t) on 3 October.

Bids rise compared to base price

This auction saw an overall increase of 9% when comparing the base prices with the final bids. For instance, Mn 28-30% grade lumps had a base price of INR 8,510/t ($101/t), and the bidding reached a weighted average price of around INR 9,100/t ($114/t), reflecting an increase of around 7%.

Meanwhile, other grades of manganese ore (30-32%) inched up, with a 6% increase in the bids. The base price was set at INR 9,020/t ($107/t), and the final bidding price reached around INR 9,600/t ($114/t).