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The Indian Steel Association (ISA), which represents major public and private sector steel companies, has forecast that steel demand would contract 7.7 per cent in 2020 in the wake of measures taken to contain the spread of Covid-19 pandemic.
This is in sharp contrast to the earlier projection of 5.1 per cent growth made just a couple of months back, in February. ISA said that its earlier estimate was that steel demand would touch 106.7 million tonnes. The estimated actual in 2019 was 101.5 million tonnes in 2019.
"We have now revised the steel demand forecast to 93.7 million tonnes.
