Decoding the Demand Outlook of India’s Steel Consuming Sectors in Post COVID-19 Period
By Zaki Hussain, Senior Executive, Indian Steel Association
The domestic finished steel consumption in India has shown sign of recovery in the past few months and has come close to pre-COVID levels largely due to an increase in demand from certain sectors. The Finished steel consumption in India increased from around 1 MT (Million Tonnes) from April, 2020 to 7.9 MT in September 2020 at a compounded monthly growth rate of around 48 percent. In line with the consumption, the crude steel production has also been improving, following a decline from 9 MT in 2019 to 3.1 MT in April 2020. Since then the production grew at a compounded monthly growth of 22 percent and reached to 8.6 MT in September 2020 and was down by just 2 percent Y-o-Y, supported by higher exports.