Indian long steelmaker Rashtriya Ispat Nigam Limited’s (RINL) saleable steel production increased to 443,000mt in August, up by 46pc from the prior year. While steel export rose by 39pc to 151,000mt from prior-year August, according to the company tweet.
In 2020, the Indian government had imposed lockdowns and restrictions to control the spread of the COVID-19 pandemic, hence the year-over-year comparison is distorted by the low base effect. Most domestic steel mills had reduced production in 2020 to match the weak demand situation.
The company’s total saleable steel sales increased by 49pc to 498,000mt in August from a year ago. Domestic sales surged by 53pc to 348,000mt, while the rest was exported.
In August, the company’s sales turnover stood at Rs26.12bn ($357.46mn), an increase of 122pc compared to the prior year.
RINL is expected to roll over rebar prices for September deliveries, said sources to Davis Index. The steelmaker’s rebar prices (12mm, projects segment) are at around Rs51,000/mt ($698/mt) ex-works Mumbai.
($1=Rs73.07)