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Home Steel News IndRa: Indian steel sector's profit to drop 20-30% in current fiscal year
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IndRa: Indian steel sector's profit to drop 20-30% in current fiscal year

9 Jun 2020 15:39 reported by Raul Lee

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According to Indian ratings and research agency India Ratings (IndRa), EBITDA of the country's steel sector was expected to drop between 20 to 30% year on year in the current fiscal year due to lower demand and price realization.

Previously, the agency has predicted a drop of between 10 to 15% in the country's steel demand for the current fiscal year, mainly due to extended lockdown impacts construction activities, economic slowdown, and decline in the auto sector.

To compensate for the low domestic demand, Indian steelmakers are looking to overseas markets, especially those which have been earlier dominated by China, Japan, and Russia, because lower iron ore price has raised the price competitiveness of Indian products.

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