(FE)
World Steel Association (WSA) said India’s steel demand may fall by a steep 18% to 83.3 million tonne (MT) in 2020 from 101.5 MT in 2019. However, demand will make a smart 15% recovery in 2021 to 95.8 MT. Announcing its short range outlook for 2020 and 2021, WSA said globally demand will fall by an average of 6.4% in 2020 to 1,654 MT due to the Covid-19 crisis. However, in 2021, global demand for steel will increase by 3.8% to 1,717 MT.
“This year’s reduction in global steel demand will be mitigated by an expected faster recovery in China than in the rest of the world. The forecast assumes that most countries’ lock down measures continue to be eased during June and July, with social distancing controls remaining in place, and that the major steel making economies do not suffer from substantial secondary waves of the pandemic,” the association said.
