The domestic steel industry is witnessing early green shoots of recovery from the second quarter of ongoing fiscal, rating agency ICRA said.
The outbreak of the COVID-19 pandemic and the subsequent nationwide lockdown had severely affected demand and production of steel in the country, leading to rise of inventory levels.
Due to the poor market conditions, steel players were forced to reduce their capacity utilisation and look to export markets to adjust their products.
However, “the domestic steel industry is witnessing early green shoots of recovery from Q2 FY21 , supported by easing of mobility restrictions and a gradual improvement in the domestic demand environment,” ICRA said.
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