Moreover, the weather in India also affected the construction activities every June to mid-October, which might be another reason for the decreasing output of crude steel.

According to the official statistic from India, the total output for crude steel in August from India this year was around 9.6 million tons, decreased by 2.3% month on month, mainly suffered by the worsening domestic epidemic of Covid-19.

However, based on the history, after mid-October, the steel demand would rebound dramatically, plus the government’s high infrastructure investment, some of the market participants viewed the future demand still could be strong.