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World Steel Association: Global "steel demand" will decline further in the second quarter

Source: | Author:changxing | Published time: 1446 days ago | 1773 Views | Share:
world steel association: Global "steel demand" will decline further in the second quarter
Recently, the World Steel Association issued the "Interim Notes on Steel Demand and Economic Situation". The interim note pointed out that under the new crown pneumonia epidemic, downstream users of steel have suffered from shocks such as closures, supply chain disruptions, collapse of confidence, delays in investment and construction projects, and reduced consumer activity. At the same time, instability in financial markets and falling oil prices have further weakened capital investment.

The World Steel Association predicts that global steel demand will decline further in the second quarter of 2020, but it is not yet possible to determine the duration of the decline in demand. However, compared with the expected contraction in GDP, the impact of the new coronary pneumonia epidemic on steel demand may not be as severe as during the global financial crisis of 2008-2009. The recovery of the current economic crisis will mainly depend on the duration of the closure. The World Steel Association believes that manufacturing is expected to return to normal sooner than other industries, but it is expected that the global supply chain disruption will continue for some time.

The World Steel Association decided to postpone the release of the Global Short-Term Steel Demand Outlook (SRO) originally scheduled for April, and plans to postpone the release of the full SRO in June to make a clearer assessment of future steel demand.