India: MOIL achieves over 40% y-o-y growth in manganese ore sales in May'24

State-owned MOIL (Manganese Ore India Ltd), India's largest manganese ore miner, touched a new height in sales achievement in May 2024, registering a significant year-on-year increase of 41%. The company achieved this milestone with monthly sales of 215,000 t of manganese ore, surpassing the previous record of 183,000 t set in December 2019.

During April-May 2024, sales increased by 31.5% over the same period last year showcasing the company's strong market performance. Favourable market conditions enabled MOIL to raise prices for various grades by approximately 65% in the current financial year.

On the production front, MOIL produced 305,000 t of manganese ore during April-May 2024, a 7% increase compared to the same period of last year.

India's total manganese ore demand in FY'24 stood at 8.85 mnt, out of which 3.4 mnt was produced domestically and 5.45 mnt was imported.