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JSPL Sees Stronger Demand Recovery for Long Products

Steel News - Published on Wed, 27 May 2020

Image Source: Steel Demand Longs
Jindal Steel & Power Limited while announcing Q4 & 2019-20 results said that “UN Department of Economic and Social Affairs’s mid-year World Economic Situation and Prospects estimates Global GDP to shrink by 3.2 per cent in CY2020.While the developed economies expected to see a contraction of 5% in growth, developing economies are estimated to contract by 0.7%. WESP expects India to grow by 1.2% for CY2020 and 5.5% in CY2021.’

JSPL said “In terms of overall Steel demand within the country, while some demand destruction is estimated due to stoppage or delayed restart of construction sites on the back of less availability of migrant work force, fall in overall demand for automobiles, white goods etc and further decline in private expenditure, which was already lacking over the past year, this might be partially offset by the elevated levels of export for the Domestic Steel players and certain curtailments & shutdowns on the supply side. With the lockdown now opening up in a phased manner and Government spending expected to rise, domestic demand for long products can be expected to come back faster than flat products.”

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Posted By : Yogender Pancholi on Wed, 27 May 2020
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