MOIL cuts prices of all ferro grades of manganese ore by 5%

For representative purpose.

State-run MOIL on August 1 lowered the rates of various grades of manganese ore and other products.

The fixed/revised prices of different grades of manganese ore and other products are effective from August 1, 2023, the public sector undertaking (PSU) said in a statement.

"It is to inform that in line with the business practice of fixing/revising prices of manganese ore and other products, the company has fixed/revised prices of different grades of manganese ore and other products," MOIL said.

Giving details, it said the prices of all the ferro grades, SMGR (Mn 30 percent and Mn 25 percent) and chemical grades have been reduced by 5 percent prevailing prices since July 1.

The basic price of electrolytic manganese dioxide (EMD) has been continued as prevailing since July 1.

All changes were made to the existing rates which the company did not provide in the statement.

Also Read | Aiming for double digit production growth in FY24: MOIL

For Q4FY23, MOIL posted reporting a net profit of Rs 80.9 crore, down 38.3 per cent, compared to Rs 131 crore in the corresponding period last year. The PSU's revenue from operations in the January-March quarter came in at Rs 428 crore, registering a decline of 8.5 per cent, compared to Rs 468 crore in the year-ago period.

MOIL saw a record quarterly production of 4.36 lakh tonne in the first quarter of FY24, up 35 per cent compared to the corresponding period of last year, the Ministry of Steel said in a statement in July.