Vedanta Resource’s (erstwhile Sesa Goa) pig iron production has dropped by 8.24% Q-o-Q in the 1st Quarter of Financial year (FY19) which was Apr-Jun’18.
Vedanta resources has reported a production of 167,000 MT pig iron in Q1 FY19 against production of 182,000 MT in Q4 FY18. However, on Yearly premises, production of Q1 FY19 rose by 2% as compared to 163,000 MT during Q1 FY19.
It seems that, production fell on account of Iron ore crisis; post the mining ban in Goa.
In its yearly results announced for FY18, it was predicted that Company’s pig iron production might fall in Q1 FY19 over iron ore crisis following Supreme Court order of cancellation of mining leases in Goa.
Vedanta’s Goan Iron Ore mines which have a total production capacity of 5.5 million tonnes per annum and was the primary source of raw material for company’s pig iron production.
The Iron ore production from Goa mine is down by 89% Y-o-Y to 0.2 MnT in Q1 FY19 against 2.2 MnT in Q1 FY18 & by 87% to 1.5 MnT in Q4 FY18.
Vedanta Resources, one of the India’s largest pig iron producer the company known for prime grade manufacturer for both steel & foundry grade materials.
Statistics
— According to SteelMint stats, the bulk pig Iron exports by Vedanta Resources during FY18 was around 62,000 MT in Q1 & 33,000 MT in Q4. Meanwhile in FY19 Q1 stood at 32,700 MT. In this period the major exports was to Thailand & Bangladesh.
— India’s total bulk pig iron exports was recorded at 575,450 MT in CY17 & CY18 (Jan-June) it stood at 97,050 MT, as per vessel line up data maintained by SteelMint.
— India’s saleable pig iron production was at 9,255,000 MT in CY17 and CY18 (Jan-June) it reported at 4,697,000 MT, as per JPC.
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