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 Feb’18 MOIL has not gone for a revision of prices after earlier releasing its quarterly prices for Q4FY18 (Jan-Mar’18).
However, three particular grade of Manganese Ore fines have been offered at a price discount of 10%, namely- BGF534 (27% Mn), DBF437 (28% Mn) and UKF532 (25% Mn).
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 offers have been witnessing a surge as demand from China has elevated. A production cut in Chinese domestic market followed by logistical issues in South Africa has created a supply crunch, before the onset of Chinese lunar year holidays, as buyers are actively replenishing their inventories.
The offer for South African carbonate Ore (37-38%) is at around USD 6.75/DMTU CIF India. While the offer for 46% Australian Manganese Ore Lumps is at USD 7.4/DMTU CIF India and Gabon 44% grade is assessed at USD 7/DMTU CIF India for March deliveries.
| Domestic and Imported Manganese Ore Price | |
| Grade | INR/MT |
| MOIL Mn 37.5%, Fe 7% | 14397 |
| MOIL Mn 44%, Fe 6% | 19165 |
| Lumps, Mn 38%, South Africa | 16416 |
| Lumps, Mn 44%, Fe 5%, Gabon | 19712 |
| Lumps, Mn 46%, Fe 5%, Australia | 21786 |
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