Bhushan Steel: Iron Ore Sourcing Down 17% M-o-M in Jan19

Bhushan Steel - a major integrated steel maker with a capacity of 5.6 MnT has recorded iron ore sourcing at 0.35 MnT in Jan'19. The sourcing dropped 17% on monthly basis as against 0.42 MnT in Dec'18.

Iron ore procurement from Tata Steel up 46% M-o-M

Tata Steel stood the largest supplier of iron ore to Bhushan Steel for the month at 0.13 MnT, up 46% against 0.09 MnT in Dec'18.

State owned miner- OMC supplied 0.13 MnT of iron to the miner almost stable on monthly basis.

Indrani Patnaik, AMTC, Serajuddin and RP Sao supplies to Bhushan Steel dropped for the month at 0.07 MnT 0.01 MnT, 3,845 MT and 3,008 MT.

Sourcing from Essel Mining and KJS Ahluwalia dropped to nil for the month as against 15,301 MT and 3,836 MT respectively a month ago.

Bhushan Steel pellet procurement recorded nil in Jan19

Bhushan Steel pellet procurement stood nil for second consecutive month in Jan'19.

Bhushan Steel was one of the companies underwent Bankruptcy proceedings. In May'18, NCLT (National Company Law Tribunal) finally gave its approval to Tata Steel's resolution plan of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC). Bhushan Steel has received necessary approval to Change its name to Tata Steel BSL following its takeover by Tata Steel. Also, Tata steel targets 4 MnT per yr production capacity at Bhushan Steel by Mar'19.

Tata steel is planning to expand Bhushan steel capacity from 5.6 MnT to 8.3 MnT. Also, it is planning to enhance production at its captive iron ore mines around Jamshedpur and Kalinganagar which will help in raw material availability to ramp up capacity at Bhushan Steel

source: SteelMint