JSPL produced 550kt steel and related products during Apr20 (up 5% YoY). This was on the back of record high production from the Angul Blast Furnace, which produced 298kt hot metal, clocking 10kt daily. Though domestic demand remained dry during the month, production was boosted by large export orders, primarily of billets from China due to the shortage Apr20 sales stood at 335kt, of which 248kt (74% of total) were exports. The balance production in Apr20 is at the ports, waiting to be exported out; sales We note that while these export volumes would earn lower EBITDA margins (likely ~INR5,000/t), it is still positive as this should help recover fixed costs if plants earn positive cash flows, which is critical in this environment. JSPLs Oman operations reported production of 106kt, down ~40% over the normal monthly run-rate. However, the decline in sales volumes was lower at 33%.