JSPL records highest exports in April as domestic demand weakens

Mumbai: Jindal Steel and Power has exported 248,000 metric tonnes of steel and related products in the month of April 2020, which is a growth of 109% month on month, the company said.

“JSPL, has effectively and appropriately addressed the domestic demand situation and formulated business continuity strategy and subsequently secure full export order book to ensure continuous operation of its plant,” said the company’s managing director, VR Sharma, Managing Director.

As domestic demand for steel is bleak due to the ongoing COVID crisis, JSPL has exported steel to China, Malaysia, Germany, Spain, Italy, Denmark, France, Saudi Arabia, Oman, Qatar, and UAE.

“We are also catering to the prestigious export order of rail blooms from France to manufacture Rails in France for high-speed railways” Sharma said.

On April 15, JSPL secured a contract to supply 12,000 tonnes of special grade rail blooms to France Rail Hayange.

Contrarily, in a steel sector report, rating agency India Ratings said “The export market margins for Indian steel producers are likely to be subdued until end of the 3rd quarter of 2020 as the excess inventory in the global markets is likely to be consumed initially”.

JSPL India reported 5% growth (y-o-y) in the production of steel & granulated pig iron to 550,000 MT during April 2020. The Group has recorded 655,000 MT of consolidated steel production in April 2020.

The company reported consolidated sales of 456,000 MT during April 2020. JSPL’s Oman Steel plant reported 106,000 MT of steel production while steel sales stood at 120,000 MT in April 2020.

“With the continuous support of Indian Railways and various ports in the eastern part of the country (viz Gangavaram, Vizag, Paradip, etc), JSPL continues with steel production to support the Indian economy by earning precious foreign currency by exporting our products, said Sharma.

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