Indian Metals and Ferro Alloys has shut one furnace and put another furnace under maintenance ahead of schedule amid a shortage of industrial oxygen supply. The two furnaces together account for 20pc of the company’s installed capacity, according to an exchange filing.
The company expects oxygen supplies to resume in the coming days following the announcement of an exemption for the ferroalloys industry.
In Q3 FY2021, the company produced 67,206mt FeCr compared to 64,078mt in the prior year quarter, while sales rose to 61,116mt from 60,652mt. Revenues improved to Rs4254.6mn from Rs3975mn in the prior year quarter. The company has benefitted from the global economic recovery that has improved demand for ferrochrome with prices picking up in Q1 on the back of production cuts in Inner Mongolia.