Summary

India's steel industry demand buckled in April and May as construction activity hard-braked and automobile plants shut down, necessitated by the Covid-19 pandemic.

That followed a fall in domestic steel demand to 1-2% in fiscal 2020. The industry had forged a robust 8-9% demand growth in fiscals 2018 and 2019, marking recovery from the previous cyclical downturn in fiscal 2016.

Meantime, the Chinese steel juggernaut plodded on, with production rising 1.3% in January-April 2020 even as demand drooped.

Going forward, the Indian economy's ongoing contraction - the fourth recession since Independence - would test the mettle of steel producers. The recently concluded iron ore auctions could also alter cost structures of the industry over the medium term.

Given the scenario, CRISIL is organising a webinar where our experts will delve into the following aspects:

• The shape of recovery after demand crashed in the first quarter
• Can exports provide a balm
• Outlook on steel prices and margins
• Impact on flat and long steel producers
• Credit outlook of the sector

There will be a presentation by CRISIL, followed by a panel discussion with senior leaders from the sector and a Q&A session.