JSW Steel announced its Q2′ FY16 results on Oct 21’15. The quarter saw fall of 4% in its crude steel production from 3.40 MnT in Q1 to 3.19 MnT in Q2. However its saleable steel sales increased by 3% as compared to previous quarter. The company’s salebale steel sales stand at 3.19 MnT.
Highlights of JSW Steel Q2 FY16
1. JSW steel imported 95,000 MT HRC from China, which will be delivered in November. Company likely to re-export it and in that case they are not eligible for any kind of import/safe guard duty
2. JSW steel seeking safe guard duty on other steel products (mainly CRC)
3. Company hiked prices by 1-2% in October but expects domestic prices may correct in December as Chinese imports will continue to enter Indian market. Company also mentioned imports from Japan has restricted but Korea is still active.
4. Dolvi plant likely to start in December 2015. Additional 1.7 mnt long steel capacity will be introduced in the market, which will impact secondary steel makers in western region.
5. NMDC may cut lumps prices but less scope of any cut in fines prices, after government reduced export duty for NMDC.
6. ‘C’ category mines auction likely next month
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