MOIL Ltd. is likely to remain in focus after the government exempted manganese ores and concentrates, including ferruginous manganese ores and concentrates containing 20% or more manganese, from customs duty.
According to a notification issued by the Ministry of Finance on June 9, the government amended an earlier customs notification to grant a nil customs duty rate on imports of manganese ores and concentrates classified under tariff item 26020010. The exemption takes immediate effect.
The move is expected to support the domestic manganese value chain by reducing import costs for users of the mineral, which is a key raw material in steel production. Manganese is widely used in the manufacturing of ferroalloys and steel, making it an important commodity for the metals sector.
MOIL, India's largest manganese ore producer, could be in focus following the announcement as investors assess the impact of the duty exemption on the domestic manganese industry and supply dynamics. The notification is part of the government's broader efforts to rationalize customs duties on key industrial raw materials.