Indian producers to reduce production in Q1

Indian producers to reduce production in Q1

According to recent news in the market, major Indian producers Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) have determined to reduce finished steel production by 20% in April-June period due to non-availability of coking coal. As previously reported by SteelOrbis, a unit of SAIL, Bhiali Steel Plant (BSP) had to reduce its production by 30% in March due to shortage of coal. The initial production target of SAIL for the first quarter is 4 million tons and RINL for 2004-05 fiscal is 4.2 million tons. However, both producers will reduce these production levels. On the other hand, it is stated that, other major Indian producers Tata Iron and Steel Corp (TISCO) and Jindal Stainless Steel do not have coking coal problem as they own their own mines.