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As Coronavirus continues to exert its dominance in different regions of the world, the impacts to the steel and raw materials industry are immense.
Is Coronavirus causing the Steel and Raw Materials market to rise or fall in the World?
Middle East – “We are anticipating a big decline in the prices within the next couple of weeks as the prices have been down in the last weeks due to the virus,” a major flat products producer in the Middle East told MMSteelClub.
US & North America– “If the virus continues at the rate it has been going, technically speaking there won’t be any exports and has huge impacts in the raw materials market,” a leading integrated steel and mining company official told. MMSteeClub
India – “The intelligent buyers and traders are making a very calculated call by buying as much as they have sold,” A source at a major Indian steel mill told MMSteelClub
China – Despite the closure of many steel mills (employees sent home due to Coronavirus), the steel industry in China has a history of over production and faces ongoing risk from excess capacity, as well as slow-moving demand, MMSteelClub reports.
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