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Indonesian Steel industry Sees Severe Drop in Demand due to COVID-19

Steel News - Published on Tue, 26 May 2020

Image Source: Indonesia Steel Demand
VNA reported that Indonesian steelmakers are facing severe impacts caused by the COVID-19 pandemic on their business with the demand having decreased by 90 percent from the normal times. PT Steel Pipe Industry of Indonesia Spindo vice president Tedja Sukmana Hudianto while speaking at a conference said the drop is very pronounced at the retail front as there is a decrease in people’s purchasing power and businesses are holding off purchasing plans.

The low demand is partially due to the large-scale social restrictions imposed by the government to contain the disease outbreak, which has led to the closure of businesses, including major steel-consuming businesses in the automotive and construction industries.

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Posted By : Yogender Pancholi on Tue, 26 May 2020
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