The information report of ISA compiled by CRISIL showed that the steel demand in India will shrink by 9%-11% in the fiscal year of 2021 due to national lockdown and the slower resumption of manufacturing industry compared with original expectation.

In the first quarter of the fiscal year of 2021, the steel demand in India significantly dropped by 55% YOY as construction and manufacturing activities nearly fell into stagnation because of the lockdown to control the spread of COVID-19. After that, the steel demand in this country would decrease by 17% in the first nine months of this fiscal year with the obvious resumption of construction and manufacturing activities.