For MOIL, a Glimmer of Hope on Ore Front

Daily News & Analysis reported that MOIL (NSE:MOIL) believes manganese prices won’t go any lower.

The market news is quoted as saying:

Manganese ore prices have been falling since January due to global glut situation, lacklustre US and European markets and weak consumption growth in steel, the major primary consumer of manganese ore. MOIL, which supplies close to 50% of India’s ore needs, has seen sales and net profit dropping 39% and 32%, respectively during the quarter ended June.

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