Indian Finish Long Steel Production Hit 2nd Highest in October

Finish long steel production in India increased by around 8% in Oct'18 with 4.11 MnT against 3.8 MnT in Sep'18.

As per the recent data released by Joint Plant Committee, Finish long (Bar & rods and Structures) steel production in India by both large and medium/small scale producers registered at 4.11 MnT in Oct'18 which is 2nd highest figure so far in CY18 after 4.17 MnT in May'18.

In October 2018, the production has been elongated by 8.15% M-o-M and around 8.44% on Y-o-Y and registered at 4.11 MnT in Oct'18 against 3.79 MnT in Oct'17.

Positive trends, surge margins seems to be major factors on increased production levels in Oct'18 as monthly average prices surged by 4-6% on previous month in overall regions by medium scale manufacturers.

However in Oct'18 average prices couldn't stretched as much as Sep'18 average price range, although conversion spread from Billet to Rebar(TMT) increased on monthly basis which recorded average at around INR 4,500/MT in specified producing regions.

On monthly comparison in Oct'18, Finish long steel productions by the large scale makers i:e; SAIL registered around 0.42 MnT (+31.25%), followed by RINL 0.39 MnT (+14.7%), Tata Steel 0.25 MnT (-3.84%), JSW 0.26 MnT (+13%) and JSPL 0.14 MnT (0%).

Further, major contribution by medium scale producers registered at 2.66 MnT, enhanced by 5.97% against 2.51 MnT in Sep'18.