Steel mills in India are gearing up for an increase in demand from overseas buyers as the coronavirus outbreak chokes supplies from China. China is the world’s largest steelmaker and accounts for more than half of global output. The virus crisis has crippled demand and led to record high inventories of steel in the country, as migrant workers, who typically staff construction sites or drive trucks, are unable to return to work due to quarantine measures and movement restrictions. “There are opportunities in certain markets where China is not able to supply because Chinese ports are blocked and movement to the ports is also pretty impacted,” Jayant Acharya, director for marketing at JSW Steel Ltd, said by phone from Mumbai. Indian steelmakers could gain business from this month onward as supply gaps emerge in Southeast Asia, which is a big market for China, and the Middle East, he said.

(Economic Times)