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COVID-19 will reduce the global stainless steel market by 12% in 2020

05 May 2020

The world-wide leading special steel consultancy SMR (Austria) expects that the COVID-19 pandemic will reduce the global stainless steel market by 12% in 2020.

 

The Corona crisis will impact the stainless steel market primarily on the demand side. Also, the loss of production as a result of partial or full plant shut downs is significant. However, the reduction of demand will be much higher. In short- and medium-term production will have to be adjusted to the new demand reality.

 

 

After a detailed analysis of 78 Stainless Steel end-use segments SMR came to the conclusion that the pandemic will reduce the stainless steel demand by 5.6 mill tons in 2020 (compared to the pre-COVID baseline forecast) and another 0.8 mill tons in 2021. Hereby the impact by region will be significantly different: Europe and North America will be the hardest hit with about -15 % whilst China will only decline by -8 % in 2020.

 

For more information please contact: Oliver Spaltmann Vice President Market Research o.spaltmann@smr.at


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