Domestic steel price outlook bleak amid coronavirus pandemic disruption

Care Ratings says the performance of domestic steel makers is likely to be impacted due to Covid-19 and lockdown

The outlook for domestic steel prices, which has largely remained firm until third week of March, now appears bleak. Domestic steel prices, which had been trading at a premium to international prices, will face pressure as the lockdown is leading to build up of inventories. Care Ratings says the performance of domestic steel makers is likely to be impacted in Q1FY21 because of the Covid-19 pandemic and the 21-day nationwide lockdown.

Just a few days before the lockdown, steel prices in March had corrected merely 2 per cent, while those in the Far East countries had cooled off by 6 per