According to an official forecast, steel output in Japan is on course to collapse b 26% in this quarter as the coronavirus pandemic pummels the global economy. Japan’s Ministry of the Economy, Trade and Industry said “Japan’s crude-steel production is projected to slump to 19.36 million tonnes in the period, the lowest since the same quarter of 2009. Demand for steel products, including those for exports, is forecast to fall 18.1% to 18.28 million tonnes in April-June compared with a year earlier.” The steel industry has been upended by the outbreak, with governments imposing lockdowns to try to prevent the spread of the disease. METI noted that its estimate only partially factored in the impact of the virus.
Source: STEELGURU
|
