Bhushan Power and Steel: Iron Ore sourcing through rakes down 6% m-o-m in Feb'21

Bhushan Power & Steel - a major integrated steel maker with a capacity of 3.5 mn t has recorded iron ore sourcing at 353,487 t in Feb'21. The sourcing witnessed a fall of 6% m-o-m against 375,669 t in Jan'21.

• JSW Steel was the largest supplier of iron ore to BPSL at 195,279 t in Feb'21, against 161,262 t in Jan'21.
  
  
• Sourcing from OMC dropped to 81,689 t for the month against 84,950 t in Jan'21.OMC has floated an expression of interest (EoI) for long-term linkage with state-based user industries for supply of iron ore from its new mines Guali, Jilling-Langalota and Tiringpahar - all in Keonjhar district of the state.
  
  
• Sourcing from Essel mining fell by 41% to 76,519 t in Feb'21 as compared with 129,457 t in Jan'21.
  
  

Bhushan Power & Steel Iron Ore sourcing in Feb'21 & Jan'21

Quantity in t
Source: SteelMint
Provisional Data
Figure includes JSW Steel Iron Ore Sourcing

BPSL SC case update

BPSL insolvency proceedings are about to come to an end after continuing for the last three-years.JSW Steel will pay INR 19,350 crore into the escrow account to be opened with Punjab National Bank on March 25 for taking over the stressed Bhushan Power and Steel. The lenders of BPSL agreed to the company's plan to deposit the money even as the Supreme Court is hearing the Enforcement Directorate's right to attach the asset as part of its investigation.

JSW Steel has agreed to make the payment by March 25 and the amount will be refunded in two months if the Supreme Court order goes against closure of the deal, said banking sources.