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Moil Slashes Manganese Ore Prices by up to 25%

New Delhi: Public sector enterprise Moil Ltd today slashed prices of various grades of manganese ore by up to 25 per cent for the April-June quarter.

In a filing to BSE, the country's largest manganese producer said it has reduced prices of all grades of manganese ore by up to 25 per cent over the previous quarter.

Prices of all ferro grades of ore with manganese content of 46 per cent and above have been reduced by 10 per cent.

While prices of ferro grades of ore with manganese below 46 per cent have been reduced by 15 per cent, it said.

"Prices of all grades of SMGR have been reduced by 20 per cent over the previous quarter," the filing said.

The company also cut existing price of Electrolytic Manganese Dioxide by 5 per cent.

The company revises prices of manganese ore on quarterly basis.

Government has already started the process 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.

Shares of the company ended 1 per cent lower at Rs 275 on NSE.