Comments
Essar Steel India Ltd sought a liquefied natural gas (LNG) cargo on an online trading platform this week, three industry sources said on Thursday.
The company, a unit of Essar Group, was seeking a cargo on a delivered ex-ship (DES) basis for delivery into Dahej over Dec. 28 to 29, the sources said.
It sought a cargo through LNG trading marketplace Global LNG Exchange (GLX) on Wednesday but did not attract any offers, one of the sources said.
Essar Steel typically buys natural gas from Gail India in the domestic market and buys LNG sometimes in the spot market, a second source added.
Essar did not immediately reply to a Reuters email query on the matter.
Essar Steel's mill in the western state of Gujarat is currently operating at 6.5 million tonnes a year due to constraints in iron ore supply and shortages of natural gas used to run its furnace.
Essar Steel India agreed on October 25 to pay Rs 543.89 billion ($7.4 billion) to settle creditor claims and exit from bankruptcy.
The company's creditors a day later approved a joint offer by ArcelorMittal SA and Japan's Nippon Steel & Sumitomo Metal Corp for Essar Steel.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.