India: JSW Long Steel Output Drops 11% M-o-M in Jul’19
JSW Steel, India's largest private steel producer has released its monthly crude steel output results today for Jul'19. The company reported decline in its production numbers over dull demand and low buying prevailing in domestic market.
Company's long steel output down by 11% M-o-M in Jul'19- On monthly premise JSW long steel output tumbled by 11% to 0.316 MnT in Jul’19 which was 0.356 MnT in preceding month.
Meanwhile JSW registered an uptick by 3% Y-o-Y basis in its long steel output in Jul'19 as against 0.306 MnT in Jul'18.
Domestic rebar prices in secondary market fell sharply last month. SteelMint's monthly avg assessment for 12mm Rebar stood at INR 31,500/MT (ex-Mumbai) against INR 33,900/MT (ex-Mumbai) in June. Prices mentioned above are basic and extra GST@18% is applicable.
Company's crude steel production fell by 6% M-o-M in Jul'19- JSW's crude steel output stood at 1.317 MnT in Jul'19, declined by 6% against 1.4 MnT in Jun'19.
Meanwhile on yearly basis company's crude steel output witnessed a fall by 4% in Jun'19 in comparison with 1.378 MnT in Jul'18.
Company's flat steel output inch down by 3% M-o-M in Jul'19- JSW Steel's flat steel output marginally fell by 3% to 0.908 MnT in Jul'19 as compared to 0.94 MnT in previous month.
Whereas on yearly premise the company's flat steel output dropped by 8% in Jul'19 which was 0.986 MnT in Jul'18.
On an average basis domestic HRC prices (2.5-8mm,IS2062) as per SteelMint price assessment stood around INR 38,900/MT (ex-Mumbai) in Jul’19 which was INR 40,700/MT (ex-Mumbai) in Jun’19. Prices mentioned above are basic and extra GST@18% is applicable.
Thus bearish market sentiments and seasonally dull demand resulted to continual decline in domestic HRC prices in trade segement.
source: SteelMint
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