India: MOIL reduces Manganese Ore Prices by 7.5%
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 to 50% of the total production and holds 34% of the Manganese Ore reserves.
State-run MOIL recently declared that it has decreased the rates of various grades of Manganese Ore by 7.5 percent. Falling prices of Manganese alloys is considered by most as the major reason for declining ore prices, alongside weak demand.
Global Manganese Ore prices have been falling at a fast pace. Prices for Australian Lumps, Mn 46%, Fe 5%, are unchanged at USD 6.9/dmtu CNF India. South African Carbonate Ore (Lumps, Mn 37-38%)are being offered at USD 5.75/dmtu CNF India and Manganese ore Lumps, Mn 44%, Fe 5%, Gabon is offered at USD 6.3/dmtu for June deliveries.
The Company has fixed/revised prices of different grades of Manganese Ore and other products, effective from 01.06.2019. The prices of Ferro Grade, SMGR (Mn30% & Mn25%), Fines and Chemical Grades of Ore have been decreased by about 7.5 % on the existing prices prevailing since 01.04.2019.
source: SteelMint
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