India - JSW Flat Steel Output Down 10% M-o-M in November

JSW Steel has released its monthly steel production results today. Company's flat steel output fell by 10% while long steel output inched up on monthly premises in Nov'18.

JSW Steel's crude steel output stood at 1.39 MnT in Nov'18 inch down by 3% on monthly basis as compared to 1.44 MnT in Oct'18. However on yearly basis company's crude steel output moved up marginally by 2% in Nov'18 which was 1.360 MnT in Nov'17.

During first eleven months of CY18 (Jan-Nov'18) JSW crude steel output stood at 14.05 MnT up by 6% against 13.29 MnT in similar time frame of previous year.

Company's flat steel output decline by 10% in Nov'18- On monthly basis company flat steel output decline by 10% to 0.9MnT in Nov'18 as compared to 1.01 MnT in previous month.

In the month of Nov'18 major Indian steel manufacturers rolled over flat steel prices amid festive holidays and liquidity crisis in domestic market. However later prices fell in domestic traders market with imports turning cheap. On an average basis,in Nov'18 HRC prices (2.5-8mm) was hovering around INR 46,500/MT (ex-Mumbai) as compared to INR 47,250/MT (ex-Mumbai) in Oct'18.

However on yearly basis company's flat steel output shrink by 5% in Nov'18 as compared to 0.96 MnT in Nov'17.

Company's long steel output remain stable in Nov'18-On monthly premise long steel output in Nov'18 remain stable since last two months at around 0.34 MnT.

Thus company rolled over long steel prices in the month of November. On monthly average basis rebar prices 12 mm stood around INR 43,000-43,500/MT (ex-Mumbai) in Nov'18 which was INR 44,000-44,500/MT (ex-Mumbai) in Oct'18.

Meanwhile company's long steel output surge by 17% on yearly basis to 0.34 MnT in Nov'18 which was 0.29 MnT in Nov'17.

JSW Steel Production Analysis-

Qty in MnT
Source- SteelMint Research