Godawari Power and Ispat Ltd (GPIL) in Chhattisgarh have informed BSE that they have partially restarted their operations in Steel Melting Shop, Captive Bio Mass Power plant, Steel Rolling Mill & Wire Drawing Units in line with improved prices and market demand.
The operation of the Company’s had been temporarily suspended on 23rd Nov’16 due to unfavorable market conditions.
Presently, semi finish prices have increased by INR 2,000-3,000MT M-o-M. Sponge Iron (80 FeM) prices in Raipur (Central India) are at INR 15,350 /MT (ex-works) (+ 2,000). MS Billet (125x125mm) and re-bar (12 mm) are at INR 23,900/MT (+2,900) & 26,600/MT (+2,200) respectively, ED & VAT extra.
GPIL is one of the largest finished long steel makers in Central India. Company produced 491,652 MT sponge iron, 227,581 MT billets and 156,086 MT of rounds and HB wire in FY16 (as reported in company’s annual report).
Out of total sponge iron and billet produced in FY16, around 50-55% was sold in merchant market and rest was used for captive consumption.
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