Steel consumption is expected to decline at least 10 per cent for rated Indian steel-makers in the 12 months to March 2021, due to the adverse effect of coronavirus pandemic on the economy, says a report.According to Moody’s Investors Service, in India, new capacity additions will take a back seat as weak steel consumption will hurt free-cash-flow generation in the current year.The agency further noted that consolidation in the Indian steel sector that began in 2018 will continue in 2020.Moody’s Investors Service in a latest report has forecast a negative outlook for the steel industry in the Asia Pacific region. According to Moody’s Investors Service, India’s (Baa3 negative) economic growth will remain materially lower than in the past, with real GDP contracting 3 per cent in 2020.”We assume that economic activity will begin to gradually pick up from July. However, given the possibility for second or third waves of virus infections or deeper economic costs than currently factored in, downside risk to these forecasts are significant,” the agency said. Moody’s estimates that lower GDP growth will translate into steel consumption falling at least 10 per cent for rated steel-makers in the 12 months to March 2021.