Steel output in India tumbles as lockdown slashes demand
2020-05-18 08:31:51 [Print]
Steel output and demand in India, the world's second-biggest producer, slumped last month after a nationwide lockdown to control the COVID-19 pandemic brought the country to a standstill.
Crude steel production declined 70% from a year earlier to 2.75 million tons, while consumption plunged 91% to 700,000 tons, the nation's steel ministry said in a statement. The reduction in output was more pronounced at private mills and their share declined to 62% from 82% a year ago, it said.
"Production in various steel plants suffered badly during the lockdown as demand crashed and movement stopped," it said. Demand from sectors including construction and automobiles and consumer durables declined during the month, leading to a 4.7% month-on-month increase in stockpiles of finished steel to 13.85 million tons at the end of April, the steel ministry said.
Crude steel production declined 70% from a year earlier to 2.75 million tons, while consumption plunged 91% to 700,000 tons, the nation's steel ministry said in a statement. The reduction in output was more pronounced at private mills and their share declined to 62% from 82% a year ago, it said.
"Production in various steel plants suffered badly during the lockdown as demand crashed and movement stopped," it said. Demand from sectors including construction and automobiles and consumer durables declined during the month, leading to a 4.7% month-on-month increase in stockpiles of finished steel to 13.85 million tons at the end of April, the steel ministry said.
