MOIL Decides Against Revision of Quarterly Declared Prices

Manganese Ore India Ltd (MOIL) generally fixes its prices on a quarterly basis. But, the constant fluctuation in global manganese ore prices was forcing MOIL to revise offer prices month-after-month. In Dec'18, MOIL has not gone for a revision of prices after earlier raising its quarterly prices by 10% for Q3FY18 (Oct-Dec'18).

However, few grades of Manganese Ore fines have been offered at a price discount of 15%, namely - BGF534 (27% Mn), and on the sale of other SMGR (Mn 25%) fines - BGL523, DBL456, UKF532, TDL499.

MOIL is the single largest producer of manganese ore in the country with an annual production of 1.1 MnT.

State-run MOIL is set to enhance production of manganese ore up to 2.5 million tonnes by FY21.

MOIL operates about 10 mines - six in Maharashtra and four in Madhya Pradesh.

Global Manganese Ore prices remain firm despite moderate demand as Chinese buyers don't wish to hold too much inventory before closing their books in December as it's year end.

The offer for South African carbonate Ore (37-38%) is at around USD 6.9/DMTU CIF India. While the offer for 46% Australian Manganese Ore Lumps is at USD 7.5/DMTU CIF India and Gabon 44% grade is assessed at USD 7.3/DMTU CIF India.