Indian JSPL steel production up 10% in November

Steel production by India's private company Jindal Steel and Power (JSPL) in November rose 10% year-over-year, while sales fell due to the continued lack of rail rakes.

Steel production in November was 674,000 tons, while sales fell 5% to 539,000 tons. Exports accounted for about 15% of total sales, up from 23% in October.

Manufacturing was up about 8% month-over-month, while sales fell 9% from October on sluggish domestic demand.

“We are preparing to achieve our annual steel production target of 8-8.2 million tonnes,” said JSPL Managing Director V.R. Sharma.

The lack of a rail rake for transportation also affected the company's sales last month.

The Argus Hot Rolled Coil (HRC) Index for India's domestic market stood at Rs 68,000 /t ($ 901 /t) as of December 3, up 39% from a year earlier. The Argus Asean HRC CFR Index was at $ 818 /t, up 30% from a year earlier.