India FY21 steel consumption to fall at least 10% due to Covid-19: Report

Steel consumption is expected to decline at least 10 per cent for rated Indian steel-makers in the 12 months to March 2021, due to the adverse effect of coronavirus pandemic on the economy, says a report.

According to Moody's Investors Service, in India, new capacity additions will take a back seat as weak steel consumption will hurt free-cash-flow generation in the current year.

The agency further noted that consolidation in the Indian steel sector that began in 2018 will continue in 2020.

Moody's Investors Service in a latest report has forecast a negative outlook for the steel industry in the Asia Pacific region.

According