State-owned manganese ore producer MOIL Ltd has hiked prices by nine per cent across its product basket for the April-June quarter to cash in on rising demand.
"It is to inform that in line with company's business practice of quarterly revising the prices of manganese ore, the prices of each grade of manganese ore has been increased for the quarter April-June, 2013 by 9 per cent over the prices for Jan-March, 2013," MOIL said in a BSE filing.
MOIL's Chairman and Managing Director G P Kundargi attributed the hike to increased demand in the domestic market. It takes around 32 kg manganese ore to make one tonne of steel.
The company has hiked the raw material prices in line with increase in global rates, Kundargi added.
MOIL Ltd, country's single largest manganese ore producer with the capacity of producing 1.1 million tonnes, sells over 60 types of products. The hike has been effected across the basket with effect from April 1.
Following the hike, price of first grade lump manganese ore now stands at Rs 13,416 per tonne.
