 "MOIL slashes manganese ore prices by up to 25%")
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% over the previous quarter.
Prices of all ferro grades of ore with manganese content of 46% and above have been reduced by 10%. While prices of ferro grades of ore with manganese below 46% have been reduced by 15%, it said.
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"Prices of all grades of SMGR have been reduced by 20% over the previous quarter," the filing said.
The company also cut existing price of Electrolytic Manganese Dioxide by 5%.
The company revises prices of manganese ore on quarterly basis.
Government has already started the process for the disinvestment of MOIL's 10% stake through an offer for sale which could fetch around Rs 500 crore to the exchequer.
It holds 71.57% in the Miniratna PSU which is the largest producer of high grade manganese ore -- an essential input for steel making.
Shares of the company were trading down by nearly 1% at Rs 274.90 on BSE at 1400 hrs.