State-run MOIL slashes manganese ore prices by up to 7.5%

Existing price of electrolytic manganese di-oxide reduced by 5%

Public Sector enterprise MOIL Ltd today slashed prices of various grades of manganese ore by 5-7.5 per cent for the January-March quarter.

In a BSE filing, the country's largest manganese producer, which was formerly known as Manganese Ore (India) Ltd, said it has reduced the price of all ferro grades of ore by five per cent over the previous quarter.

"The prices of manganese ore have been reduced by 7.5 per cent on the previous quarter price," it said.

MOIL Ltd also said the existing price of the electrolytic manganese di-oxide was also reduced by five per cent.

The company revises prices of manganese ore on quarterly basis.

Government has already started the process of appointing merchant bankers for the disinvestment of MOIL's 10 per cent stake through an offer for sale which could fetch around Rs 500 crore to the exchequer.

It holds 71.57 per cent in the Miniratna PSU which is the largest producer of high grade manganese ore -- an essential input for steel making.