Central India: Jindal Cuts Power in Punjipathra; Steel Prices Move Up
Induction furnaces based in Jindal's industrial park in Punjipatra, Raigarh (Central India) has reported 12 hrs (50%) power cut by Jindal power ltd (JPL) since yesterday.
A source close to this matter reported, “There is some shortfall in power generation due to irregular supply of coal due to monsoons." And added most of the medium size plants have already cut down their operations due to lower sales over less buying interest from rolling mills.
Meanwhile another participant reported that officials from JPL verbally reported that, as of now power supply continue 12 hrs a day due to less consumption amid shut down of many furnaces in Punjipatra; however sources have not yet cleared when the issue will be resolved.
Steel Prices move up - Central India rise by INR 500-600/MT in Ingot/Billet & INR 300-500/MT in Rebar. Present price of MS ingot in Raigarh are assessed at INR 25,100-25,200/MT, billet at INR 25,300-25,400/MT, Sponge C-DRI at INR 16,200-16,300/MT and P-DRI at INR 15,200-15,300/MT; ex-plant, excluding 18% GST.
Meanwhile, local demand for sponge iron is limited & furnace owners are holding their sponge iron purchases. In the same line standalone furnace owners curtailing production due to fell conversion spread.
Jindal Power Ltd, the first domestic private sector player to commission an independent power plant (IPP) in 2007, has a total installed capacity of 3,400 MW set up at coal pitheads. This includes a 1,000 MW plant (250 MWx4) located at Raigarh district of Chhattisgarh, and another plant of 2,400 MW (600 MWx4) capacity, located at Tamnar in the same state.
source: SteelMint
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