Biznextindia : State owned Manganese Ore producer MOIL Limited has continued to reduced Manganese Ore prices owing to weak demand from domestic Ferro-Alloys makers and weak global market.
The PSU, which had reduced prices by 10% in August, has further reduced prices by 15% for the month of September also. In July, the company had kept Mn-44% grade prices unchanged and increased below Mn-44% grade prices by 5%.
“The prices of all Ferro grades of manganese ore with Manganese content of Mn-44% and above have been decreased by 15% on the prevailing prices since 01.08.2022 w.e.f. midnight of 31.08.2022/01.09.2022. The prices of all other Ferro grades of manganese ore with Manganese content below Mn-44%, SMGR (Mn-30% & Mn-25%), Fines and Chemical grades have been decreased by 10 % on the prices prevailing since 01.08.2022 w.e.f. midnight of 31.08.2022/01.09.2022. The basic price of EMD have been increased from Rs.1,55,000 PMT to Rs.1,65,000 PMT w.e.f. midnight of 31.08.2022/01.09.2022” MOIL said in a regulatory filing.
The Global manganese ore imports fell by 3% w-o-w to $4.35/dmtu for grade 37% while grade 44% prices inched down by 3% to $5.65/dmtu and grade 46% by 3% to $6.05/dmtu. Overall, Manganese ore prices were sluggish due to weak sentiment in downstream alloys, a report by steelmint.com said.
In the east coast of India, Manganese prices slipped by 3% to USD 4.35 per tonne.