Private sector steelmaker Jindal Steel & Power Limited (JSPL) reported a sharp recovery in steel sales in the month of July 2021, returning back to its growth path.
Steel sales were up 5 per cent Y-o-Y and surged 21 per cent M-o-M to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year.
The recovery in sales indicates business resuming to normal post the second wave of the pandemic that resulted in lockdowns in various places across the country.
JSPL reported monthly steel production of 6.5 lakh tonnes in July, up 8 per cent Y-o-Y as compared to 6.03 lakh tonnes during the same month in the previous year.
Exports accounted for more than 40 per ent of the total sales volumes due to high spot demand from international markets.
“Despite second wave of Covid related disruptions, we are on track to achieve our annual target of 8.25 mt for FY22. Further, we are seeing Covid cases come down, which will give a major relief to the industry and our customers. The effective vaccination campaign by the Government of India will encourage workers to return to construction sites and help speed up manufacturing, which is likely to boost domestic demand” said V.R. Sharma, Managing Director, JSPL.