India: MOIL Reduces Manganese Ore Price by 5% for Q3 FY20

MOIL has declared Manganese Ore prices for the 3rd quarter, effective from 1st Oct 2019. Manganese Ore prices have been falling sharply in the seaborne market as Manganese alloy prices have tanked with persistent and low demand for the end-product. Thus, many Manganese Alloy Producers have reduced their production levels. Ore Prices are also reduced in line with reduction of prices in the international market. Prices of Manganese Ore from major producing countries like South Africa and Ghana reduced due to low Chinese demand for ores owing to the buildup of inventory at the ports and falling value for Chinese Yuan.

MOIL has fixed/revised prices of different grades of Manganese Ore, for 3rd Quarter 2019-20 (October-December'2019) effective from 01.10.2019.

The company has reduced its prices by 5% for the qtr of Oct-Dec 2019 for all grades of manganese ore. The prices of Ferro Grade, SMGR (Mn30% & Mn25%), Fines and Chemical Grades of Ore were earlier reduced by about 5% for Sep'19.

Manganese Ore India Ltd (MOIL), a Mini Ratna Schedule-A CPSE, under the administrative control of the Ministry of Steel, is the largest producer of manganese ore in the country. MOIL contributes more than half of the total production and holds 34% of the Manganese Ore reserves in the country.