ISA: the Demand for steel in India will decrease by 7.7% due to coronavirus
it is Expected that the steel demand in India to fall to multi-year lows in the year 2020, against a collapse in the construction, automotive and railway sectors, as India has imposed quarantine restrictions for a considerable time, said the steel manufacturers Association of India (ISA).
In a research note says that in 2020 demand for steel in India will decrease by 7.7% due to "a significant risk of recession."
"In February, the ISA estimated that the steel demand in 2020 calendar year will grow by 5.1% and reached to 106.7 million tons. We have now revised the forecast of demand for steel to 93.7 million tons", - said in the message.
Prime Minister Narendra modi has extended a nationwide quarantine until may 3, but the Federal government has allowed the regions to resume some activities in conditions of economic hardship in rural areas.
an Outbreak of coronavirus has led to the fact that the automotive industry in India was in distress: the automakers are asking to impose temporary tax cuts on cars and trucks and motorcycles, as well as incentives for scrapping old cars.
Most Indian steel companies are faced with disruptions and suspended work at some of its plants.
JSW Steel Ltd, which has the largest power and steel in India, this week said it is considering a phased restart of operations.
At the end of last month, Steel Authority of India Ltd, the largest state-owned steel producer in the country, said some customers have cancelled orders because of infringements of work of the port because the lock prevents the movement of goods.