- Write by:
-
Monday, April 20, 2020 - 1:35:05 PM
-
740 Visit
-
Print
Mining News Pro - Indian steel demand is expected to plunge to multi-year lows in 2020, hit by slowdowns in the construction, automotive and rail sectors as India fights the coronavirus with a protracted lockdown, a leading industry body said.
According to Mining News Pro - Steel demand in India is set to contract 7.7% in 2020 with “significant downside risks”, the Indian Steel Association (ISA), which represents some of the top steel producers, said in a note.
“ISA had estimated in February that the steel demand in calendar year 2020 would grow by 5.1% to touch 106.7 million tonnes. We have now revised the steel demand forecast to 93.7 million tonnes,” it said.
Indian Prime Minister Narendra Modi has extended the nationwide lockdown until May 3, but the federal government has allowed states to restart some activity amid economic distress in rural areas.
The coronavirus outbreak has left the Indian automotive industry in distress, with automakers seeking temporary tax cuts on cars, trucks and motorbikes as well as incentives to scrap old vehicles.
The lockdown’s impact on economic activity will dent steel demand by nearly 13 million tonnes, Arnab Kumar Hazra, Assistant Secretary-General at the Indian Steel Association, told Reuters, adding that demand growth is at a multi-year low.
Most steel companies have faced disruptions and suspended operations at some of their plants.
JSW Steel Ltd, which has the biggest capacity in India, this week said it was evaluating a phased restart to operations.
Late last month Steel Authority of India Ltd, the country’s largest state-owned steelmaker, said some customers had cancelled orders because of port disruption as the lockdown hobbles movement of goods.
Short Link:
https://www.miningnews.ir/En/News/518079
Mining News Pro - The sales and transportation manager of Mobarakeh Steel Company announced the increase in the delivery ...
Mining News Pro - Achieving the desired quality in products requires quality production in each of the production ...
US Steel Corp and Japan’s Nippon Steel have received all regulatory approvals outside of the United States for their ...
Iron ore futures prices slid on Monday after some investors and traders liquidated long positions to cash in profits on ...
Mining News Pro - Hormozgan Steel Company CEO said: “Hormozgan Steel Company managed to produce more than 161,000 tons ...
Shares of BHP Group touched a three-month high on Tuesday about 36 hours ahead of a deadline to lodge a formal bid for ...
Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the ...
Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the ...
Indonesia’s nickel reserves are sufficient for expanded processing operations, an investment ministry official said on ...
No comments have been posted yet ...