MOIL cuts ore prices by 5-7.5% for January-March quarter

New Delhi: State-run MOIL Ltd today slashed prices of various grades of ore by 5-7.5 percent for the January-March quarter.[caption id="attachment_83966" align="alignleft" width="380"] Reuters[/caption]In a BSE filing, 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 percent over the previous quarter and the prices of manganese ore have been reduced by 7.5 percent on the previous quarter price.MOIL Ltd also said the existing price of the electrolytic manganese di-oxide was also reduced by five percent.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 percent stake through an offer for sale which could fetch around Rs 500 crore to the exchequer.It holds 71.57 percent in the Miniratna PSU which is the largest producer of high grade manganese ore -- an essential input for steel making.PTI