The attempt by major economies to spend their way out of a pandemic-induced slowdown – by pouring money into under-invested infrastructure – and a growing commitment to decarbonisation are fuelling a demand for metals not seen in years.
In the home market, despite the second Covid-19 wave casting a shadow on domestic demand in the first quarter (April-June) of this financial year, production is back at the pre-Covid-19 level of FY20.
Data from ICRA and Joint Plant Committee (JPC) show that steel production in the first quarter of FY22 was at 27.8 million tonnes, close to the 27.9 million tonnes in Q1 of FY20.
The story with base metals is similar. Daily domestic production of aluminium and