Bhushan Power and Steel: Iron Ore Sourcing Down 8% in Jan'20
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Bhushan Power & Steel - a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 0.22 MnT in Jan'20. The sourcing witnessed a fall of 8% on monthly basis as against 0.24 MnT in Dec'19.
Sourcing from Rungta mines dropped 47% in Jan'20
Essel Mining stood the largest supplier of iron ore for the month of Jan'20 at 100,872 MT, up by 20% as compared to 84,113 MT a month ago.
Indrani patnaik supplies recorded at 87,155 MT, down 6% M-o-M as against 92,979 MT in Dec'19. Rungta Mines supplies dropped down by 47% to 19,298 MT for the month as compared to 36,393 MT in Dec'19.
State owned miner- OMC mines recorded 18% fall in supplies to Bhushan Power to 9,218 MT in Jan'20 as compared to 11,178 MT a month ago.
Few major miners have already made aggressive bookings in last month's as steel mills were actively restocking material ahead Mar'20 lease expiry. Also, few mines are heard to have achieved EC limits for this fiscal.
Bhushan Power & Steel: Iron Ore Sourcing Jan'20 v/s Dec'19
| Seller | January'20 | December'19 |
| Essel Mining | 100,872 | 84,113 |
| Indrani Patnaik | 87,155 | 92,979 |
| Rungta Mines | 19,298 | 36,393 |
| OMC | 9,218 | 11,178 |
| A.M.T.C | 5,465 | 6,074 |
| MGM Minerals | - | 3,848 |
| SN Mohanty | - | 1,928 |
| MG Mohanty | - | 3,850 |
| Grand Total | 222,008 | 240,363 |
Source: SteelMint Research
Quantity in MT
Provisional Data
the figures include only rake movement, road movement is excluded
JSW Steel has got the approval of National Company Law Appellate Tribunal (NCLAT) to acquire Bhushan Power and Steel Ltd (BSPL) for INR 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate.
The bench of two members said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel Ltd. However, honorable court also said that prosecution can be continued against the former promoters under the money laundering act by the Enforcement Directorate.
