The World Steel Association forecast on 4 June that global steel demand would contract by 6.4% in 2020, to 1,654 million tonnes, as a result of the coronavirus crisis, before recovering by 3.8% to 1,717 million tonnes in 2021. China was expected to cushion the fall, with demand there rising 1%, after its steel-using sectors returned to near-full activity by the end of April. Demand in the developed economies, by contrast, was forecast to fall 17.1% this year. The outlook assumed that lockdowns in most countries would ease during June and July and that major steelmaking economies would avoid large second waves of infection. The association stressed that the forecast was made at a time of high uncertainty, with economies reopening without a vaccine or cure in place, so significant downside risks remained.
Source: Engineering News — https://www.engineeringnews.co.za/article/worldsteel-says-demand-will-contract-by-64-this-year-owing-to-covid-19-2020-06-04
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