International Steel Mills
February 27, 2020
Virus to Weaken Chinese Steel Production by Just 2.7 Percent in Q1
Written by Tim Triplett
Despite the dramatic impact of the COVID-19 virus on the Chinese workforce and the nation’s commerce, the China Iron and Steel Association forecasts that steel production will decrease by only 2.7 percent in the first quarter. Crude steel production has actually increased by around 3 percent in February.
Analysts warn that China’s steel production is likely to outpace its steel consumption until the virus runs its course, creating a surplus that could end up on the export market, driving down global steel prices.
