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India's steel demand likely to fall by 18% in 2020, Worldsteel report

Although the downturn is led by consumer and service sectors, massive dislocations in spending, labour markets, and confidence are fuelling declines in steel-using sectors, the global body said

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Supported by the government stimulus, recovery in construction will be led by infrastructure investment such as railways

BS Web TeamPTI New Delhi
India's steel demand is likely to face a steep decline of 18 per cent in 2020, while the global steel demand is expected to contract 6.4 per cent to 1,654 million tonnes (MT) due to the Covid-19 crisis, according to industry body worldsteel.

According to official figures, India consumed over 100 MT steel during 2019.

"In 2020, worldsteel forecasts that steel demand will contract by 6.4 per cent, dropping to 1,654 MT due to the Covid-19 crisis," the World Steel Association (worldsteel) said in its latest Short Range Outlook (SRO), a publication on steel demand scenario.

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