India: KIOCL Surpasses Pellet Production Target in Q1 FY20
State-owned pellet maker - KIOCL (Kudremukh Iron Ore Company Ltd) recorded enhanced pellet production for first quarter FY20. The production recorded at 0.61 MnT, above the set target of 0.49 MnT. The production marked 38% increase Y-o-Y as against Q1 FY’19 production at 0.44 MnT.
KIOCL total sales for the quarter ending June’19 depicted 31% rise to 0.70 MnT as compared to 0.54 MnT in Q1 FY19. Out of the total 0.70 MnT of sales, about 77% i.e 0.54 MnT was exported (up 39% Y-o-Y) while the remaining 23% equivalent to around 0.16 MnT sold in the domestic market.
MV Subba Rao, CMD, KIOCL Ltd. stated “to tide over the constraints of the raw materials, the Company has initiated negotiation with international miners for importing of raw material to take advantage of the prevailing market opportunities arising out of the sharp increase in pellets demands worldwide”. He also stated that the statuary clearances for all projects are under progress.
source: SteelMint
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