Indian steel demand is expected to shrink by 7.7% to a multi-year low in 2020

SMM4, March 20: it is reported that affected by the epidemic, India's construction industry, automobile industry and railway sector projects have slowed, and Indian steel demand is expected to hit a new low in several years in 2020.

Indian steel demand is expected to shrink 7.7 per cent to 93.7 million tonnes in 2020, according to the Indian Iron and Steel Association (ISA). Earlier, ISA expected Indian steel demand to grow 5.1 per cent to 106.7 million tonnes in 2020.

Indian Prime Minister Narendra Modi has extended the blockade until May 3, while allowing states to carry out appropriate economic activities in remote areas.

Arnab Kumar Hazra, assistant secretary-general of the Indian Iron and Steel Association, said Indian steel demand is expected to hit a multi-year low in 2020, and the blockade will reduce Indian steel demand by 13 million tons.

The outbreak has put pressure on Indian carmakers, and some carmakers are seeking tax breaks and scrapping stimulus policies for older cars.

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