MOIL, India’s largest manganese ore miner, increased prices by up to 20% on the existing prices prevailing since 1 March, 2022. This increase is attributed to the increasing prices of imported manganese ore due to supply disruptions brought on by Russian-Ukrainian conflicts.
It may be noted that the revised prices for the offered quanties will prevail for the entire first quarter (Q1) of financial year 2022-23 (FY23).
Highlights
- Prices of all ferro grades of manganese ore having manganese content 37% and above increased by 10% on the prevailing prices since 1 March, 2022.
The prices of all SMGR grades (Mn-30% and Mn-25%) and all grades of fines have been raised by 7.5% on the prices prevailing since 1 March, 2022. - The prices of all chemical grades of manganese ore rose by 10% on the prevailing prices since 1 March, 2022.
- The total quantity offered is 253,646 t, out of which 133,155 t comprise ferro grade, 57,547 t of silico manganese grade, 43,760 t of fines grade, and 19,184 t of chemical grades of manganese ore.
MOIL raised prices after imported ore prices jumped in line with increased buying after the Chinese New Year holidays due to low inventories at portside. Meanwhile, higher freight cost due to global tensions also hiked the imported manganese ore prices which eventually supported MOIL’s manganese ore prices.
Outlook
Indian manganese alloys producers are optimistic post-the price hike in MOIL’s manganese ore. It will increase the cost of production. This might further encourage buyers to raise their offers despite the lack of buying interest at current prevailing prices of silico manganese at around INR 108,000-109,000/t exw- Durgapur and Raipur.
Leave a Reply