According to Reuters, India’s steel demand is expected to fall as low as many as a year in 2020 as a result of a slowdown in the construction, car and rail sectors that will combat the epidemic through a prolonged blockade. A report by the Indian Iron and Steel Association (isa), which represents some of the top steel producers, said demand for Indian steel would shrink by 7.7 percent by 2020, with “significant downside risks “. “ISA had forecasted in February that steel demand would grow by 5.1 percent to 106.7 million tons in 2020. We have now revised our steel demand forecast to 93.7 million tons. Although the Prime Minister of India Narendra Modi extended the nationwide blockade until 3 May, the Federal Government allowed the states to resume some activities in the face of economic difficulties in rural areas. The outbreak has put India’s auto industry in trouble, with automakers seeking temporary tax cuts, cutting taxes on cars, trucks and motorcycles, and encouraging scrapping of used cars. The Assistant Secretary-General for ISA arnab kumar hazra told Reuters that the impact of the ban on economic activity would reduce steel demand by nearly 13 million tons. He added that demand growth was at a multi-year low. Most steel companies face production disruptions, with some plants shut down. JSW Steel Ltd., which has the largest capacity in India, says it is evaluating a phased restart.
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Post time: Apr-21-2020