INDIA LOCKDOWN: JSPL bucks trend by switching to exports while domestic sales struggle amid Covid-19 lockdown

Indian steel producer Jindal Steel & Power Ltd (JSPL) has reported a huge increase in steel exports for April 2020, despite the impact of the Covid-19 lockdown significantly reducing the steel output of other domestic producers.

India entered a 21-day lockdown on March 25 - which has since been extended twice and now runs to May 18 - to slow the spread of the Covid-19 virus, with many of India’s steel assets quickly reducing output levels, despite steel being declared an essential service. 

JSPL - which manufactures steel plate, coils, rails and wire rod, among other products (including direct-reduced iron (DRI) and pig iron) - exported 248,000 tonnes of steel and related products in April. That amounted to a 109% month-on-month increase, with the exports accounting for 74% of total sales, the company said in a statement to the Bombay Stock...

Published

Carrie Bone

May 05, 2020

16:57 GMT

London