Covid-19 impact: Steel firms to focus on exports till demand improves
Hellenicshippingnews - Steel companies are likely to focus on exports until domestic demand picks up.
Jayant Acharya, director (commercial, marketing, corporate strategy) of JSW Steel, said, “We expect domestic demand to restart gradually with segments like packaging, steel products for domestic gas distribution, infrastructure, special steel for automotive etc.” For the next one to two months, the focus will be on a balance between domestic and exports, he said.
Lockdown measures to contain the spread of Covid-19 pandemic had immensely affected steel customers like auto and construction segments that closed down. Being an intermediate product, dependent on derived demand, steel companies resorted to rationalising production. However, some like JSW Steel are evaluating restarting production in a phased manner.