JSW Steel, India’s one of the largest steel producers, has increased imports significantly but overall purchases have declined by about 16% in August against July.

As data on Iron ore imports, Iron ore movement by key states like Odisha, Jharkhand & Chhattisgarh and Karnataka e-auction,  it was noticed that JSW’s souring of material from Odisha and other states remains stable but it has reduced in Karnataka. In August, JSW Steel was allotted 0.76 MnT against 1.56 MnT in July because of the fact that total quantity available for auction was lower in August than July.

Also, trade participants mentioned that with Iron ore prices in the global market hitting rock bottom that imports have become viable.

As per the press release, JSW Steel increases its steel production by 3% in August as compared to the same period of last year. It was also mentioned in release that crude steel production hiked by 13% to 1.11 MnT against 0.98 MnT in the same period of last year. Also, the company had produced 0.80 MnT of Flat products and 0.19 MnT of Long products, which were increased by 7% and 53% against August, 2013.

JSW has installed capacity of 14.3 MnT pa, which requires about 2 MnT medium to high grade Iron ore monthly.

The company’s import increases to 1 MnT in August from nil in Jun’14 owing to shortage of Iron ore in the domestic market.

Iron Ore Procurement by JSW Steel

1 Rake = 3,850 MT Iron ore
Qty in MnT

• [Editor:Sophie]