MOIL decreases Manganese Ore Prices by upto 15%

MOIL cuts manganese ore prices by 10-15% of various grades for Q4, effective from 1 Feb’17. 

Manganese Ore India (MOIL), the country’s largest and government owned manganese ore producer with an annual production of 11.5 lakh MT, has decreased prices of various grades by 10-15%, effective from February 1, 2017.

MOIL has made a downward revision in prices to match up with lower prices of Manganese Ore in the seaborne market. It is to be noted that manganese ore prices in global market have witnessed a dip due to shrinking demand from China.

Chinese demand plays an important role, and has been reported to be weak at the moment as demand slowed over the Chinese New Year festivities. Global miners decided to cut their offers following few weeks of low demand for Manganese Ore.

MOIL has been continuously increasing prices of manganese ore from Sep’16, totaling to a cumulative increase of around 125% from its August prices. However, it revised its decision to increase Manganese Ore prices for Q4, FY17 and instead bought it down after last month’s announcement for the quarter..

The Manganese Ore market is finding it difficult to sustain after months of soaring price levels, as the Manganese Alloy market is on a downtrend and producers are depicting reluctance in booking Manganese Ore.

MOIL has slashed prices for Ferro grades by 10% and prices for Silico grades and fines have been decreased by 15%, on the existing prices prevailing since January 1, 2017.