MOIL hikes price of ferro grades of manganese ore with manganese content of Mn-44% and above

The prices on all other types of ferro grades of manganese ore with a manganese content less than Mn-44% have been decreased by 8%. Meanwhile the rates of SMGR (Mn-30% & Mn-25%), fines and chemical grades have also been reduced by 8%. The price changes for the month of July have come into effect from Monday.

The company reported that the basic price of ₹2,10,000 per metric tonne of EMD will remain unchanged.

Last month, MOIL announced a significant hike of 35% in the price of ferro grades of manganese ore with a manganese content of Mn-44% and above. The company had also increased the prices of all other types of ferro grades of manganese ore with a manganese content with less than Mn-44% by 30%. Further, the rates of SMGR ((Mn-30% & Mn-25%), fines and chemical grades were hiked by 30%.

In May 2024, MOIL achieved its highest-ever sales as it grew 41% year-on-year (YoY) to 2.15 lakh tonnes. On a year-to-date (YTD) basis, the company’s sales have grown 31.5% YoY compared to the corresponding period last year. In the same period, the company’s production of manganese ore grew 7% YoY to 3.05 lakh tonnes. Meanwhile, the firm reported that its exploratory core drilling rose 26% YoY at 18,609 meters.

In FY24, the company achieved its highest-ever production of manganese ore at 17.56 lakh tonnes recording a growth of 35% YoY and its best-ever sales of 15.36 lakh tonnes, registering a growth of 30% YoY.

Shares of the company have risen by nearly 56% since the beginning of the year. The stock has gained over 196% in the last one year.