The Indian Steel Association (ISA) has revised downward India's steel demand growth forecast for 2020 as a result of the Covid-19 pandemic in the country and the subsequent lockdown.
The association, which represents some of the country's biggest steel companies, said predictions of steel demand growth of 5.1% this year - made in February - have now been revised down to -7.7%.
The main downstream sectors of railway, construction and automotive have all been negatively affected by the pandemic and related drop in end use.
ISA notes that steel demand was tepid in 2019 amid a slow down for the Indian economy, but a recovery was emerging in the first two months of 2020, according to their evaluations, which had seen the manufacturing and the services sector reviving.
But on March 25, a 21-day lockdown was imposed on the country, which has since been extended further, hitting economic activity while trading and projects came to a halt and migrant workers returned home. There have also been delays to raw material deliveries and drivers stranded...