State-owned MOIL Ltd. has hiked prices of manganese ore and other products of different grades with effect from March 1. The miniratna company has raised prices of all Ferro grades of manganese ore with a manganese content of Mn-44 percent and above by 8 percent.
However, the prices of all other Ferro grades of manganese ore with manganese content below Mn-44 percent, SMGR (Mn-30 percent and Mn-25 percent), fines, and chemical grades remain unchanged.
The basic price of Electrolytic Manganese Dioxide (EMD) has been increased to Rs 2 lakh per million tonnes (MT) from the month of March from Rs 1.95 lakh per MT.
The Nagpur-based public sector undertaking recorded its best-ever manganese ore production in January 2023 at 1.26 lakh tonnes, 7.7 percent higher than the same period last year.
Also, it reported 31 percent year-on-year growth in sales for January at 1.32 lakh tonnes compared to January 2022. The company aims to double its production to 3 million tonnes by 2030.
MOIL Ltd. is a Schedule-A, Miniratna category-1 CPSE under the Ministry of Steel. It is the largest producer of manganese ore in India with a market share of 45 percent.
The state-owned manganese mining major operates a total of 11 mines — seven in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. The company is exploring business opportunities in Gujarat, Rajasthan, and Odisha besides Madhya Pradesh.
Shares of MOIL are trading 0.93 percent higher at Rs 151.95.
