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Anand Rathi Report
Despite a 9.6% contraction in July 2020, infra activities recorded a marked recovery, with capacity utilisation rising to 73% in July 2020 from 53% in April 2020.
In most infra activities, supply is near normal. Recovery from here would depend largely on demand.
With the exception of fertiliser, all other seven components of infra continued to contract in July 2020. Yet, compared to June 2020, growth in all except cement and petroleum products improved YoY.
While the supply situation for most activities is near normal, demand conditions are relatively weak, especially for coal, steel and cement.
After the fizzling out of pent-up demand, there were month on month drops in production for coal, cement and steel.
In view of low domestic demand, imports are being scaled down (e.g. for coal, steel, petroleum products) and exports are accelerating (e.g. for fertiliser and steel) albeit from low bases.
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