Karnataka Manganese Ore E-auction Receives weak Response

State-owned, MSTC-Karnataka, conducted the e-auction on 13 Sept' 19. Amid low demand in the market, and continuous falling Manganese alloy prices, the auction received a meager response, as the entire quantity of Manganese ore was not booked in the auction. A tender for 22,176MT was released by MSTC -Karnataka, while only 4032MT was only booked leaving 18144MT as balance quantity. Ores from Sandur Manganese & Iron Ore (SMIORE) Mines were put under the hammer during this month's auction.

The Manganese (Mn) content of the material offered was in the range of 27-33% and Iron (Fe) content was in the range of 21-29%, according to information on MSTC's website. Royalty 5%, & GST (5% on Ore auction price; 18% on Royalty, and Bulk permit processing fee) are applicable.

The total Value at Floor Price was INR 29,988,000 and the total Value at Bid Price was at INR 30,199,680 which was 0.71% higher than the floor value. Prices and demand for Manganese Ores are suffering due to Sluggish steel Market conditions. Manganese Alloys producers are continuously reducing the prices to keep up with the market and are having good inventory which is also keeping their buying interest of ores at a bay. The remaining balance quantity will be offered at next auction.