Of all the different kinds of metal packages, such as cans, drums, bottles, caps, and closures, cans have been the most popular. Ease of use and availability aided in the adoption of metal cans in several packaging applications over the last century. Additionally, consumer trends, such as a preference for small-size and multi-pack packaging formats, are supporting the volume growth of the global metal cans market (henceforth, referred to as the market studied). An increasing demand for mini-cans has been observed, especially in the Asia-Pacific markets, such as India, China, and Japan. Therefore, most of the beverage companies in the region are offering mini-cans, which generally contain smaller volumes of a products and cost less than the traditional canned products. This trend is resulting in more substantial unit consumption. Furthermore, with the increasing environmental concerns, consumers are demanding metal cans, owing to their low environmental impact. The high recyclability of metal cans is one of the significant drivers for the market studied in some regions, while in other regions, economic conditions and low price of canned goods remain key drivers for the market studied.

The Indian steel industry (henceforth referred to as the market studied) is considered as one of the few bright spots in the global steel industry. The steel industry in the country revived from the demonetization and the goods and services tax (GST) reform and is growing at a rapid pace. The market studied has transformed to a great extent over the past few years. The technological developments, though the adoption rate is low in the sector, have not only improved the delivery times, but also helped the industry in producing accurate designs of steel structures. The ongoing push for infrastructure development, coupled with favorable demographics, is improving the macroeconomic fundamentals, which translate into sustained growth in the steel industry. Projects, such as industrial corridors (connecting existing industrial cities and manufacturing sectors) and Sagarmala (connecting states through waterways), may increase India’s connectivity, reducing logistical costs of transportation across Indian states.

新能源汽车，始于2016 年政策补贴带来的需求爆发，阵痛于2018-2019 两年政策红利退出导致的阶段性调整。结合之前长江钢铁有色组报告《双成记》，行业将从享受政策红利的粗放式增长，陆续转向真正回归行业本源的核心竞争力，如：与龙头绑定配套、签订稳定的长协、持续的降本增效等，以寻求成为产业链一体化综合服务商，背后脱离不开的无非还是两个维度：品牌溢价、成本掌控。

追本溯源，2018-2019 年钢铁行业盈利的本制是电炉-高炉成本差异。过去我国钢铁行业的供给主要来自于高炉产能和不合规的中频炉，而电炉主要用于生产难熔合金等特钢产品。2017 年打击“地条钢”后，逾7000 万吨的电炉产能复产并用于生产普钢产品，螺纹钢、热卷等大宗商品的定价模式由高炉-转炉转变为生产成本更高的电炉定价。电炉与高炉-转炉间的成本差异成为长流程企业的利润，亦是2018-2019 年我国钢铁行业高利润的主要来源。