Steel Output in India Tumbles as Lockdown Slashes Demand
- Consumption plunged 91% during April from a year earlier
- Inventories will continue to pile up as demand remains muted
Flames rise from a wagon loaded with coke at a steel plant in India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Steel output and demand in India, the world’s second-biggest producer, slumped last month after a nationwide lockdown to control the coronavirus 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.