Steelmakers seen on a white-hot streak

0 Comments | DNA : Daily News & Analysis; Mumbai, Jan 06, 2010 | by Shubhashish

Metal companies are, well, roaring.

They have China to thank first up, and then domestic consumption.

On Tuesday, Tata Steel said its production of saleable steel, hot metal and crude steel was the best ever in December.

Saleable steel production alone rose 77.4% to 592,487 tonne.

To top it, sales are up 72.8% year on year to 636,000 crore in the month for India’s largest steel maker.

Rival JSW Steel said its production was up 88% in the third quarter to 14.69 lakh tonne of crude steel.

The company said it notched up its highest-ever quarterly production for rolled flat and rolled long products with the former clocking growth of 51% and latter close to 200%.

And gigantic Chinese appetite for iron ore means Indian exports rose 24.5% in November.

Steel re-rollers, too, skimmed the trend.

On Tuesday, Uttam Galva Steels and Bhushan Steel raised prices of their products, following an increase in the prices of hot-rolled coils, which is a raw material for them
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