This is likely to keep steel prices in check, at least till the September 2020 quarter.While production of crude and finished steel went up to 6.8 mt and 5.9 mt, respectively, in June 2020, the numbers were lower by 27.2% and 33.3% y-o-y. Consumption too, while improving, was down 40.8% y-o-y in the month.
Domestic steel demand is expected to recover only post monsoon led by an improvement in infrastructure activities and expectation of an increase in automobile production, CARE Ratings has said. This is likely to keep steel prices in check, at least till the September 2020 quarter.
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