MOIL raises ferro-grade manganese ore prices by 2%

1 Jul 2024 , 05:58 PM

Shares of state-owned MOIL Ltd. were in focus in Monday’s trading session after the public sector manganese ore mining business raised manganese ore prices effective July 1, 2024.

The company stated in an exchange filing that the prices of all ferro grades of manganese ore with manganese content of Mn-44% or higher have been increased by 2% over the current pricing.

Similarly, the prices of all other ferro grades of manganese ore having manganese content less than Mn-44% have been reduced by 8% over the current prices.

Pricing for all silico manganese grades or SMGR (Mn-30% and Mn-25%), fines, and chemical grades have been reduced by 8% over the previous pricing.

The mini-ratna business said that the basic price of electrolytic manganese dioxide (EMD) has been maintained at ₹210,000 PMT in July.

MOIL is a state-owned manganese ore mining firm based in Nagpur, India. It is India’s largest manganese ore producer, accounting for 50% of the market. MOIL operates 11 mines in Maharashtra and Madhya Pradesh.

MOIL’s share price settled at ₹489, down by 1.08% against the previous close of ₹494.35 on NSE. In today’s session, the counter touched an intraday high and low of ₹497.65, and ₹473.10, respectively.

MOIL is currently operating underground and opencast mines in the Maharashtra districts of Nagpur and Bhandara, as well as Madhya Pradesh’s district of Balaghat. All of these mines are roughly a century old. The Balaghat Mine is the Company’s largest mine. The mine has already reached a depth of approximately 435 metres from the surface. Dongri Buzurg Mine, located in the Bhandara region of Maharashtra, is an opencast mine that produces manganese dioxide ore for the dry battery sector.

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