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[Ferro-Alloys.com] The Covid-19 outbreak is likely to adversely impact Indian steel prices, which have been witnessing an upward trend since November, ratings agency said in a report, while India Ratings & Research (Ind-Ra) warned that the demandsupply imbalance created globally will get worse with the virus spreading across the world. 

Swiss major IMR Metallurgical Resources-AG has proposed to set up a steel plant in Kadapa district of Andhra Pradesh at an investment of over Rs 12,000 crore and an annual production capacity of 10 million tonnes.

Amid deepening coronavirus crisis across the world, global steel giant ArcelorMittal has expressed apprehensions of its sales and profitability getting impacted in 2020 in case the virus spreads widely through Europe, particularly in Italy.

The company expects a significant negative impact on industrial output and steel demand during the first quarter of 2020 and added that both GDP and steel demand growth are likely to be weaker than earlier estimates.

In 2019, ArcelorMittal had revenues of USD 70.6 billion and crude steel production of 89.8 million tonnes (MT), while own iron ore production reached 57.1 MT. 

Click here for more information: Ferrosilicon Daily Express 3.11