The little recovery that metal companies were beginning to show in the early part of the fourth quarter (Q4) was all undone at the fag-end of FY20.
The covid-19-led lockdown in India and some parts of the globe dragged volume growth down sharply at a time when construction-led demand tends to pick up.
With volumes expected to shrink across the metal universe, investors in metal companies may have to contend with negative surprises as well.
In fact, metal volumes are expected to shrink across the board, but steel companies might be marginally less impacted than other non-ferrous metal companies.