the World Steel Association, or worldsteel.“India has implemented the most stringent nationwide lockdown measures in the world, bringing industrial operations to a standstill. Construction activity was halted entirely at the end of March, and recovery is expected to remain slow due to the slow return of labour. Supply chain disruption coupled with slower demand recovery will hit the automotive sector hard. The machinery sector is expected to see a continued decline, with weak private investment and supply chain disruption,” worldsteel said in its Short Range Outlook (SRO) for 2020 and 2021.“Supported by government stimulus, recovery in construction will be led by infrastructure investment such as railways. The government’s support to rural income, as well as expected consumption related to the upcoming festive season, will help a substantial recovery of demand for consumption-driven manufacturing goods in the second half. As a result, India is likely to face an 18% decline in steel demand in 2020, which will rebound by 15.0 in 2021,” the SRO, which was released by the Brussels, Belgium-based worldsteel on Thursday, said.According to the SRO, which was emailed to TOI, in 2020 worldsteel forecasts that steel demand will contract by 6.4%, dropping to 1,654 mt due to the… Read full this story
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