World Steel Association Points Out Speedy Recovery of Steel Using Sectors
Published by
ScrapPrices
Published on October 22,2020 12:00 PM Steel
The sector to witness dramatic impacts was the automotive sector.
World Steel Association Points Out Speedy Recovery of Steel Using Sectors

SEATTLE (Scrap Monster): The steel using sectors seem to be recovering faster than other sectors such as hospitality, aviation and entertainment, noted the recent edition of Short Range Outlook (SRO) by the World Steel Association (worldsteel). In particular, manufacturing sector is witnessing strong rebound, it said.

The increasing focus on implementing public projects by various governments resulted in highly resilient construction sector. As per estimates by the trade body, the construction sector in emerging economies such as Turkey, Mexico and Brazil are likely to see double-digit contraction in 2020. On the other hand, the government stimulus measures are likely to lead to strong rebound in Chinese construction sector. Also, the recovery will remain slow in 2021.

The sector to witness dramatic impacts was the automotive sector. The automotive production plummeted by nearly 70-90% in many countries during April this year. The global automotive production recorded year-on-year decline by 34% in Q2 this year. Meantime, robust domestic demand has resulted in faster recovery in China.

The huge contraction in machinery sector in Q2 2020 was led by China, the EU, the U.S. and Japan. However, the decline in machinery output has started decelerating since May this year, worldsteel SRO said.

MORE STEEL NEWS
February 28,2024 08:00 AM
India's coal sector is united about one thing. It doesn't matter if you are a miner, trader, utility or steelmaker, you are bullish, extremely bullish.
January 25,2024 08:00 AM
JSW Steel (JSTL.NS), opens new tab, India's largest steelmaker by capacity, reported a nearly five-fold rise in third-quarter profit on Thursday, helped by strong domestic demand.
January 11,2024 08:00 AM
Turkey's largest steelmaker Erdemir (EREGL.IS) on Thursday pledged to invest $3.2 billion to achieve a 25% cut in its emissions by 2030.