India’s steel demand bounces back at faster-than-expected rate

India’s steel demand has recovered faster-than-expected after plunging in the fiscal first quarter, as consumption in the rural sector revived, according to the nation’s biggest mill by market value. Consumption slumped by more than half in the three months through June as economic activity ground to a halt after India imposed one of the world’s strictest lockdowns to contain the coronavirus pandemic. While demand in the second quarter is still down about 10% from a year earlier, it has more than doubled from the previous quarter.