India: JSW Steel Iron Ore Sourcing Up 18% in June’19

JSW Steel-- India's largest steel maker total iron ore sourcing recorded at 2.05 MnT in June'19. The sourcing witnessed 18% rise M-o-M as against 1.73 MnT in May'19. On yearly basis, sourcing fell marginally in June'19 as against 2.09 MnT in June'18.

JSW Steel imports recorded nil for the month

JSW Steel imports witnessed nil for June’19 as against 185,000 MT in May'19. The miner reduced imports for the month amid rise in global iron ore prices. The prices were hovering at five years high levels and reached record high levels at USD 118/MT, CFR China on 20th June’19

Sourcing from Odisha stable in June'19

The steelmaker procured 0.28 MnT iron ore from Odisha based miners in June'19, almost in line with May’19 sourcing.

Odisha merchant miners kept iron ore prices unchanged in June after receiving decent bookings at the beginning of Jun’19. On the other side, India's domestic sponge and billet prices plunged amid weak market fundamentals.

Sourcing from NMDC (C.G.) fell 26% in June'19

JSW Steel (Dolvi) sourcing from NMDC recorded at 0.14 MnT in June’19, down 26% compared to 0.19 MnT in May'19.

JSW sourcing from NMDC fell for the month amid price rise by the miner for June’19 deliveries. The miner had raised Baila lump and fines price by INR 250/MT (USD 3.6).

However, NMDC has rolled over prices for the month of July’19.

JSW iron ore purchases from Karnataka e-auction picked up in June’19

JSW Steel’s iron ore purchases from Karnataka e-auctions increased sharply by 50% to 1.63 MnT in Jun'19 compared to 1.08 MnT in May'19.

Out of 1.63 MnT iron ore sourced by JSW, NMDC supplied 0.75 MnT up by 15% against 0.65 MnT last month and thus contributed around 46% of total JSW sourcing. Company’s iron ore sourcing from private mines has doubled to 0.88 MnT in Jun’19 as against 0.43 MnT in May’19.

Vedanta remained second-largest iron ore supplier to JSW Steel at 0.56 MnT in Jun’19, followed by B. Rudra Gouda at 0.09 MnT.