MOIL Cuts Manganese Ore Prices Across the Board for June

India’s public sector manganese ore producing company MOIL Limited has reduced prices for all grades for June exports, the company stated on Monday.

With effect from today, the miner has reduced prices by 5% for high-grade manganese ore containing over 44% Mn. The same 5% price drop is applied to ore containing below 44% Mn content too.

In another reduction, MOIL reduced prices on silicomanganese grade (SMGR) ores. SMGR ore with a 30% Mn content is now priced 5% lower, and SMGR ore with a 25% Mn content has been reduced by a sharp 15% price cut.

The price cut follows a subdued off-take in the steel and alloy sectors, which are the leading consumers of manganese-based feedstocks. Market experts interpret the move as an attempt to sustain off-take in a slow market scenario.

MOIL, the leading player in India’s manganese ore output, revises prices from time to time depending on current industry conditions and feedback from the ferroalloy sector.

The new reductions are to provide relief to local alloy producers who are under pressure from costs, especially smaller units that are heavily dependent on indigenous raw material availability.