The inevitable global recession resulting from the Covid-19 pandemic is reducing steel demand in the global market, as buyers are being impacted on by shutdowns, disrupted supply chains and collapsing confidence, as well as delayed investment and construction projects.
The economic fallout from the pandemic is of concern to the steel industry, as consumers postponed discretionary spending, with muted demand in all sectors, barring essentials. Mechanical machinery and automotive are the steel-using sectors most affected by the lockdown measures. They are highly exposed to a prolonged demand shock, as well as to disruption in global supply chains.
Creamer Media’s Steel 2020 Report examines the global steel industry over the past 12 months and provides insight on particularly South Africa’s steel sector, including government support and the scrap metal sector. It also provides an overview of the main producers, as well as the global and local stainless steel market.
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