Financial Daily from THE HINDU group of publications
Friday, Mar 26, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 26, 2004 |
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Corporate
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Performance Coal scarcity hits VSP production Our Bureau
Visakhapatnam , March 25 OWING to continued shortage of imported coal and metallurgical coke, Visakhapatnam Steel Plant has been constrained to curtail its production till the coal supplies become normal, according to a VSP spokesman. Though the global steel industry in general and Indian mills in particular had been experiencing unpredictable swings in respect of raw material supply, VSP was maintaining its production level so far, he said in a statement on Wednesday. "But the shortage of imported coal has necessitated the plant to regulate its coke production with the available coal. As a result, daily coke oven pushings have come down from the present level of 260 to 220. This may lead to bringing down the monthly hot metal production by about one lakh tonnes.'' The international coke market had become very volatile due to the closure of coal mines in China and subsequent reduction of its coke export. The resultant coke scarcity had jacked up its price to around $500 a tonne from the level of $64 two years ago. "VSP's efforts to source the coal and coke supplies from the US, Canada and Ukraine are not getting encouraging response. It has requested Coal India Ltd and Tata Iron and Steel Company to augment their supplies, so that VSP can maintain reasonable production levels,'' he added.
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