Bhushan Power & Steel – a major integrated steel maker with a capacity of 3.5 mn t has recorded iron ore sourcing at 427,797 t in Q1 FY’21. The sourcing witnessed a fall of 41% as against 723,476 t in Q1 FY’20.
The sourcing has dropped for the quarter amid supply tightness and monsoon rains, which have disrupted mining and evacuation of ores in the state.
On quarterly basis, iron ore sourcing dropped by 31% against 618,578 t in Q4 FY’20.
Sourcing from Indrani patnaik picked up in Q1 FY’21
Indrani Patnaik stood the largest supplier of iron ore to BPSL at 126,889 t in Q1 FY’21, up significantly as against 23,092 t in first quarter FY’20.
Sourcing from OMC dropped 42% to 101,025 t for the first quarter FY ’21 as compared to 174,155 in Q1 FY20.
Sarda Mines recorded supplies at 92,891 t, as against nil in Q1 FY ’20. The Supreme Court as on 30th Jan 2020 allowed Sarda mines to resume operations. Apex court was allowed on the condition to pay dues towards environmental compensation to the Odisha Govt. by 29 Feb’20. The Honorable court also made it clear that JSPL can transport iron ore lying at Sarda mines.
Sourcing from Essel Mining dropped 80% to 60,757 t in first quarter FY ’21 as against 309,422 t in Q1 FY’20. Essel Mining has increased its iron ore fines and lump offer by INR 300-350/t w.e.f 23rd Jul’20.
Bhushan Power & Steel: Iron Ore Sourcing
Source: SteelMint Research
Quantity in t
Provisional Data
the figures include only rake movement, road movement is excluded
JSW Steel was supposed to make payment before 16th Mar’20 for the acquisition of BPSL. However, amid the pandemic, JSW Steel has sought more time to make payments to banks for BPSL acquisition.
The National Company Law Appellate Tribunal had approved the INR 19,500-crore resolution plan filed by JSW Steel for taking over the bankrupt BPSL. However, the Enforcement Directorate had attached the factory being sold to JSW Steel as part of its investigation against the promoters of BPSL.
Leave a Reply