Domestic steel demand expected to contract by 9-11% in FY21: CRISIL

The Nationwide lockdown in April-May impacted manufacturing, hurting consumption of the alloy

In the current fiscal, the domestic steel demand is expected to contract by 9-11 per cent on account of the nationwide lockdown through April-May and slower-than-desirable ramp-up in manufacturing activities post that, Indian Steel Association(ISA) knowledge paper prepared by CRISIL said on Friday.
 

The demand for steel plunged 55 per cent in the first quarter as the pan-India lockdown brought construction and manufacturing to a near standstill. However, it has recovered sharply since then, with the demand decline limited to only 17 per cent in the first 9 months of FY21, said the knowledge paper.
 

The paper was presented today