MOIL slashes manganese ore prices by 15% as imported ore available for lesser

Manganese Ore India Ltd (MOIL), the largest manganese ore producer in India, reduced prices by 15% with effect from 1st August. MOIL has reduced the prices by 15% m-o-m for Aug' 20, to maintain price parity between domestic and imported manganese ores.

A 19% drop in South African carbonate ore prices in July influenced MOIL's decision to further cut prices for August, since buyers in India will likely buy more imported ores if MOIL's prices are higher. MOIL's had reduced prices by upto 15% for July-Sept quarter tracking seaborne prices and holding excess stocks.

Although the price cut was expected, but the percentage of revision was much awaited by the manganese alloy producers as they were considering procuring imported ore instead. However, the continuous fall in imported manganese ore prices is expected to halt with global miners reducing production levels.

Total quantity offered by MOIL for the quarter is 32,566t. Out of which ferro grade is 5,474t and SMGR is 1,735t. The offer quantity is much lower due to a lower level of production during the monsoons.

Price comparison for past three months is given below for ready reference: