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Last week, shares of State-owned manganese-ore mining company MOIL moved up by 9 per cent, in the wake of the company hiking the sale price of ore.
On Wednesday, MOIL said prices of good grades of manganese ore (having manganese content of 44 per cent and above) and all other ferro grade ores have been hiked by 7.5 per cent and 10 per cent respectively from prices prevailing as on December 31, 2019. The price of fines was hiked by 10 -15 per cent over the applicable prices in the third quarter of FY20.
Even after the hike, the realisation on the sale of manganese ore, which accounts for more than 90 per cent of company’s revenue, is expected to be lower than what prevailed for most part of 2019. This is because MOIL in November 2019 had slashed prices of its manganese ore by 20-25 per cent of the then prevailing prices, seemingly, to give a leg-up to falling sales.
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