Jindal Steel and Power records higher production and sales in Feb22

17 Mar 2022 , 01:33 AM

Jindal Steel and Power JSP continues to post robust Steel sales in February 2022 with volumes up 8Percentage Y-o-Y to 590 lakh tonnes compared to 547 lakh tonnes in same period prior year Sales would have been higher if not for limited rake availability in the eastern part of the country Railway Rake availability issue is not yet fully resolved hampering Companys sales efforts JSPs steel production stood at 657 lakh tonnes in February 2022 which was modestly higher than previous year 1Percentage Y-o-Y Exports contributed 24Percentage to the sales volumes The World has started feeling the heat of the unfortunate Russia- Ukraine conflict Brent energy prices are skyrocketing due to the full scale war in Eastern Europe Input costs for Steam coal Coking Coal and Ferro alloys are witnessing substantial rise which has resulted in higher steel prices While we hope and pray for faster resolution of the conflict it will take at least six months for markets to stabilize post war Higher input costs should therefore result in continued rise in steel prices as the industry grapples with containing cost pressures said Mr VR Sharma Managing Director JSP in a statement