ISSF: World’s Q1 stainless output drops 8% on year
Jul 06, 2020 19:00
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Global production of crude stainless steel witnessed a significant decline of 8% on year to reach 11.69 million tonnes over January-March, according to the latest release from the Brussels-based International Stainless Steel Forum on July 2. This was also down 5.8% from the last quarter of 2019.
The major reason for the on-year decline in
Q1 was the outbreak of COVID-19 worldwide during that period, which had resulted
in many countries and regions locking down their economies. This reduced the
consumption of stainless among end-users and pressured stainless producers to
lower their output or even halt production, Mysteel Global notes.