Indian state-owned Rashtriya Ispat Nigam (RINL) or Vizag Steel has restarted its blast furnace, idled in April 2020 amid the COVID-19 pandemic. Hot metal production through the furnace, however, is expected to resume early next week, informed company sources. In keeping with the adverse market conditions, RINL had shut the furnace to avoid inventory stockpiling.
Initially, RINL will produce 500mt of hot metal per day, raising it to 1,000mt, with plans to reach 7,000mt in two-three weeks.
Until now, the plant was operating with two blast furnaces producing around 13,500-14,000mt of hot metal per day. Usually, the company can produce around 18,000mt per day through all three blast furnaces. Each furnace has the capacity to produce 7,500mt hot metal per day or 2.5mn mt capacity per annum.
RINL has increased prices for long steel products, barring rebar, by Rs1,000-1,200/mt early this month. Prices for rebar were raised by Rs200/mt.
Another state-owned unit, Bhilai Steel Plant restarted its BF No.6 after six months.