Steel prices have moved up from the lows of Q2, but on the raw material side, iron ore prices have increased. What is the outlook for Q3?
Q2 was a challenging quarter because of the overall environment which was compounded by the Chinese exports and high imports coming into India. We made up for it through lower cost.
The Indian operations did better in terms of Ebitda/tonne than the quarter before. The volumes were also very strong. Crude steel production and domestic sales were the highest. So, that was a positive despite the challenging environment.
We expect that India will close the year with around 150 mt of demand in India. Therefore, H2, which is seasonally stronger, will be good.
We will have volumes kicking in from Indian capacities from JVML (JSW Vijaynagar Metallics Limited (JVML) and Bhushan Power & Steel (BPSL) which will go into the tailwind of a strong demand in the second half.
The cost will go down, despite a negative surprise on the increase in iron ore price in India. Coking coal cost is going down by $20-25 a tonne in this quarter. We will improve our sourcing of iron ore from captive mines which will enable us to offset the iron ore challenges.
Steel price increase took place in October because international prices went up after the China stimulus, which was reflected in India. So, increase in price, lower cost, good volumes that's how we see Q3 and Q4.
Did you see a slowdown in demand from the auto and infrastructure segments in Q2?
この記事は Business Standard の October 28, 2024 版に掲載されています。
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この記事は Business Standard の October 28, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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