The Hoa Sen Group s employee checking products in a warehouse. The company s
profit after tax rose over 200 per cent year-on-year in Q1. (Photo: hoasengroup.vn)
Hanoi (VNS/VNA) - The surge in prices of steel since the beginning of
2021 helped many
steel producers record good performance in the first
quarter.
Rebar futures contracts, trading on the Shanghai Futures Exchange, increased
sharply due to supply chain disruptions caused by the COVID-19
pandemic.
The most traded May rebar contract climbed 17.4 percent this year and traded at
5,101 yuan per tonne. The rebar price rose 51 percent compared to April
2020.
In its first quarter finance result,
Read more about Vedanta Group in talks with govt to set up display fabrication unit on Business Standard. If it succeeds, India will get its first such facility
After a pause, prices of steel and iron ore are on the rise. Steel companies have increased prices by up to Rs 5,000 a tonne beginning April while state-owned iron ore producer, NMDC has hiked prices of lump ore by Rs 500 a tonne. Steel producers said that prices of hot rolled coil – a benchmark for flat steel (used in automobile, domestic appliances and construction) – have been increased by Rs 4,500-5,000 a tonne; prices of long steel (used in infrastructure and construction) have increased by up to Rs 3,000 a tonne. Post-increase, the price of HRC is at Rs 57,600; in longs, TMT is at Rs 52,500. The increase in steel prices is led by a surge in global prices.
Steel Authority of India Ltd (SAIL) clocked its best ever quarterly sales at 4.27 million tonnes (MT) during the March quarter of the last fiscal year, up 14 per cent over the year-ago period. The domestic steel giant s crude steel production too increased by 6 per cent during the quarter to 4.55 MT. (SAIL), the Maharatna PSU, has recorded its best ever quarterly performance in both production and sales during Q4 FY 21, the company said in a statement. The company had clocked 3.74 MT sales and 4.31 MT crude steel output during the January-March quarter of the fiscal 2019-20. About annual figures, the company said despite the volatility in the market during the year, the determined efforts by the company to improve its volumes saw it clock its best ever annual sales at 14.87 MT, a growth of 4.4 per cent over 14.23 MT during FY 20, the company said.
Operations at South Korean steelmaker Posco s plant in the Indian state of Maharashtra have been disrupted due to local protests over labour and other issues, police and sources told Reuters, hampering the supply chain for automakers. A local politician leading the protests said they have blocked employees and goods from entering the plant and will continue until Posco heeds to some of their requests which include giving employment preference to local workers, raising the wages of temporary employees and making them permanent. Supply of steel from Posco s Maharashtra plant has been seriously affected and production for carmakers is likely to come to a standstill if the issue is not resolved soon, the country s top auto industry body said in a March 10 letter addressed to the state s chief minister.