Graphite India reported muted capacity utilisation levels for Q2FY20. For Q2FY20, consolidated utilisation level was at 61% while standalone utilisation was at 71%. Going forward, we expect utilisation to tread upwards from Q2FY20 levels. World Steel Association (WSA) has recently upward revised its forecasts for global steel demand. WSA now expected the global steel demand to reach 1775 million tonne (MT) in CY19, growth of 3.9% vs. earlier forecast of 1.3% growth or 1735 MT. For consolidated operations, we model capacity utilisation of 67.5% for FY20E and 70.0% for FY21E. For...