Bhushan Steel: Iron Ore Sourcing Drops 40% M-o-M in Apr’18

Bhushan Steel – a major integrated steel maker with a capacity of 5.6 MnT has recorded iron ore & pellet sourcing at 0.40 MnT in Apr’18. The sourcing stood 37% down as against sourcing in Mar’18 at 0.63 MnT.

Bhushan Steel’s Iron Ore Procurement down 40% in Apr’18 –

Bhushan Steel iron ore procurement in Apr’18 witnessed at 0.37 MnT, decrease of 40% M-o-M as against 0.62 MnT in Mar’18. OMC stood the largest supplier at 0.13 MnT, contributing 35% of total sourcing by the company (down 36% M-o-M). Serajuddin remained the second largest supplier at 0.08 MnT (down 47% M-o-M) followed by A.M.T.C at 0.07 MnT (stable on monthly basis).

Rungta mines and Indrani Patnaik supplied iron ore at 0.05 MnT each. However, sourcing from Rungta mines marked 38% decline on monthly basis and Indrani Patnaik depicted rise of 52% M-o-M.

Bhushan Steel’s pellet procurement from JSPL increased to twice in Apr’18:

JSPL (Jindal Steel and Power) continued to supply pellets to Bhushan Steel. Its pellet sourcing increased to 6 rakes in Apr’18 against 3 rakes in Mar’18.

Bhushan Steel’s iron ore & pellet sourcing: Apr’18 vs Mar’18

Source: SteelMint Research
Quantity in MT
Provisional Data

Bhushan Steel is one of the companies undergoing Bankruptcy proceedings. The Tata company had out bid JSW Steel to emerge as the winner in the auction of Bhushan Steel. On March 22, it was declared as the successful resolution applicant by lenders of Bhushan Steel.

On the other hand, The NCLAT (National Company Law Appellate Tribunal) has asked the CoC (Committee of Creditors) of BPSL (Bhushan Power and Steel Ltd) to consider the bid of UK’s Liberty House for the Bhushan Power which is currently undergoing the bankruptcy proceedings. Liberty House was a late entrant in the bidding process of BPSL and had submitted its bid post the deadline of 8 Feb’18.