(ET)
India’s demand for steel contracted by 91% y-o-y in April 2020 with end user industries’ like auto real estate and infrastructure that constitute 80% of demand, coming to a virtual standstill. Domestic steel production fell by a record 69.5% y-o-y in April 2020 as per provisional figures. The country produced a mere 2.8 million tonne of crude steel during the month, according to data released by Joint Plan Committee (JPC).
Steel has been classified as an essential essential commodity and permitted to operate during the lockdown period. However production was impacted due to a sharp fall in demand from user industries, CARE Ratings said in its latest report. Steel production took a substantial hit in the month of March and April when the country was under lockdown as most user industries witnessed halt in production.
