RINL Sept sales target set higher on firm export orders

Company misses Aug sales target of 300,000 tonne

State-owned Rashtriya Ispat Nigam Ltd has raised its sales target to 3,50,000 tonne for September in anticipation of robust export orders.

The company had set a sales target of 3,00,000 tonne in August.

“Export orders for 60,000 tonne pig iron and 30,000 tonne steel are already there and we are hopeful of getting more since several enquiries are coming in,” a company source close to the development told Business Standard.

State-owned Rashtriya Ispat Nigam, which is into making of long steel products, sold 274,000 tonne in August.

In the beginning of August, the unlisted company struggled to make any sales because of weak domestic steel demand.

“We were expecting sales of about 2,20,000 tonne last month but in the last 4-5 days, orders picked up and we managed to close (the month) at a decent figure though not at the targeted level,” said the source.

The steel producer is currently getting export enquires mainly from African countries among others and is hopeful of better sales of steel products this month.

Like all other steel producing companies in the country, Rashtriya Ispat Nigam too is focusing on increasing its export business in order to gain benefit from the falling rupee and recovering global market.