JSW Steel Posted Notable Surge in Crude Steel Output

SEATTLE (Scrap Monster):  The monthly production statistics announced by domestic steelmaker JSW Steel indicates that the crude steel production surged higher significantly during the month of October this year.

The monthly output posted 6% surge over the previous year to total 14.25 lakh tonnes. It must be noted that the production had totalled only 13.38 lakh tonnes during the same month a year before. On a month-on-month comparison, the output was up by 6% from 13.43 lakh tonnes. Also, the capacity utilization rate at the company’s steelmaking facilities averaged at 95% during the month, the press release said.

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The company’s flat-rolled products output totalled 10.45 lakh tonnes, significantly higher by 7% over the previous year and 10% over the prior month. At the same time, the output of long-rolled steel products surged 11% from 3.01 lakh tonnes in October 2020 to 3.34 lakh tonnes in October 2021.

The company is said to have approximately 1.55 lakh tonnes of steel inventory held at ports due to shortage of containers. The robust steel demand, high input costs and escalated freight costs are likely to result in sustained high steel prices. It must be noted that the prices of steel have been on an upward trend for the past several months.