Rashtriya Ispat Nigam Limited (RINL) was able to lower its inventory for Sept’21 on the back of considerable sales, as per provisional data available with SteelMint. The inventory at the PSU was down by 23% to 0.22 million tonnes (mn t) in September against 0.29 mn t seen at the close of August.
It may be mentioned that long steel producers, of which RINL is a key mill, were somewhat comfortably placed in September. These items moved to an extent, in the domestic market, with exports picking up slight activity only in the last week of September post-the Chinese holidays.
Sales
Thus, total sales were up 4.52% to 0.52 mn t in September, compared to 0.50 mn t in the previous month. In the total sales volume, the share of exports was at 0.13 mn t compared to 0.15 mn t in August, down 14% m-o-m. Overall, the billets and rebar exports market remained quiet in September, especially from Singapore and Hong Kong, impacting overseas sales.
Production
The PSU steel major’s crude steel production in September touched 0.45 mn t against 0.44 mn t in August, up 2.41% m-o-m. Indian mills operated at their optimal capacity in September, with the Covid situation much under control and resumption in economic activities to almost normal levels.
Turnover
RINL recorded a marginal 1.32% increase in its September turnover to INR 2,687 crore against INR 2,652 crore in August.
Madhumita Mookerji
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