According to India Ratings and Research (Ind-Ra), the strong export demand and high international steel prices could help local Indian steel manufacturers to increase their exports although the high freight and transportation costs still made people worried.

Due to several restrictions caused by COVID-19, most of the end-users in the industry currently show less demand for these materials. Therefore, it was believed that the soaring price in the local market would finally go down to a normal level due to the actually weak market demand.

As per the report, the consumption of finished steel products dropped by 23% to 6.78 million tons in April compared with March.