Steel production in the private sector in India at JSW Steel plants in August increased by 4.6% compared to the same period last year, although production volume remained unchanged from the previous month.
The company’s steel production was 1.38 million tonnes, while the production of long products increased by 30% to 301,000 tonnes. But flat steel production fell 8.2% to 899,000 tonnes due to an ongoing planned shutdown of one of the converters at the Vijayanagar plant.
A lower prevalence of Covid-19 infection in the country has supported steel demand, although weakness caused by the rainy season has kept consumption low.
JSW’s average capacity utilization remained at 92% in August, in line with the previous month, although flat and long steel output declined slightly from the previous month.
The Argus Hot Rolled Coil (HRC) Price Index for India’s domestic market was Rs 65,000 /t ($ 885.62 /t), up 67% from last year, while the Argus cfr Asean HRC Index was at yesterday $ 879 per ton, an increase of 64% over a year earlier.
Last month, the company set a goal to cut carbon emissions by 23% by 2030 compared to last year, as part of a growing drive to cut emissions from the steel sector.