India: JSW Crude Steel Output Up by 5% Q-o-Q in Q3 FY’20

India’s largest private steel manufacturer JSW Steel has released its provisional steel output results today for Q3 FY’20. As per the company’s latest press release, the company witnessed growth in output across all three segments.

Company’s crude steel output up by 5% in Q3 FY’20- JSW’s crude steel output increased marginally by 5% in Q3 FY’20 to 4.02 MnT, which was 3.84 MnT in Q2 FY’20.

However, on 9MFY20, the same went down by 3% to 12.09 MnT as compared to 12.52 MnT in 9MFY’19.

Company’s flat steel output rose by 6% in Q3 FY’20- The company churned out 2.86 MnT of flat steel output in Q3 FY’20, up by 6% as compared with 2.71 MnT in the previous quarter.

As per data maintained with SteelMint, on an average basis, domestic HRC (2.5-8mm, IS2062) price was assessed around INR 35,000/MT (Ex-Mumbai) in Q3 FY’20 against INR 37,000/MT (Ex-Mumbai) in Q2 FY’20. Prices mentioned above are basic, and extra GST@18% is applicable.

Improved buying activities in the domestic market on restocking demand shall keep the flat steel output firm.

However, in 9M FY’20 the same inched down by 3% to 8.48 MnT as against 8.73 MnT in 9M FY’19.

JSW’s long steel output increases by 9% in Q3 FY’20- The company’s long steel output stood at 0.89 MnT in Q3 FY’20, ascended by 9% over 0.82 MnT in the previous quarter.

As per data maintained with SteelMint, monthly average Rebar prices for 12 mm in the secondary market was around INR 34,984/MT (ex-Mumbai) in Q3 FY’20 as against INR 36,228/MT (ex-Mumbai) in Q2 FY’20. Prices mentioned above are basic, and extra GST@18% is applicable.

However, the same declined by 4% in 9M FY’20 to 2.76 MnT as against 2.88 MnT in 9M FY’19.

Quantity in MnT
Source: Company Data, SteelMint Research