India's Finish Long Steel Production Up 7% in May'19

As per recent data released by Joint Plant Committee (JPC), India's finish long steel production moved up by 7.12% in May'19.

India produced about 4.06 MnT finish long steel in May'19, which is higher by about 7.12% against 3.79 MnT in Apr'19.

Factors behind increased production level was positive sentiments post prospective election results with an anticipation of improved steel consumption in the country, which moved up by 17% and stood at 3.89 MnT in May'19 as against 3.32 MnT in Apr'19, as per JPC data.

On contrary Y-o-Y basis, the finished steel production slightly moved down by 2.63% to 4.06 MnT in May'19 in comparison with 4.17 MnT in May'18.

Company wise - SAIL (Steel Authority of India Limited) bags top producer among large mills and registered at 0.41 MnT (+13.88%) followed by RINL popularly known as Vizag Steel - 0.38 MnT (+8.57%), JSW Steel - 0.31 MnT (+6.89%), TATA Steel - 0.27 MnT (0%) and Jindal Steel & Power Ltd - 0.19 MnT (0%).

Further, the major proportionate of finish long steel production recorded by medium/small scale mills at 2.52 MnT (+7.69%), which contribution is about 62%.

Rebar exports up in May'19- As per SteelMint data, during May'19, bulk rebar exports were registered at 49,200 MT. Out of this 29,000 MT rebar was shipped by JSW Steel at two different destinations 19,000 MT to Belgium & 10,000 MT to Myanmar.