The global widespread of COVID-19 has forced many countries to enforce stringent containment measures which result in a heavy impact on global economic activity. Over the past two months, we saw serious disruption of manpower, transportation and production in China. We are now seeing these scenarios happening around the world.
As the pandemic worsens globally, steel mills in Japan, South Korea, Italy, Germany, Canada and India have implemented production reduction, with daily demand of iron ore decreasing around 150,000 mt by the end of March, according to SMM’s calculation.
Meanwhile, there has been a subdued impact on overseas iron ore supply, thus iron ore supply to China are expected to increase, and iron ore prices is undergoing increasing pressure.
Join our webinar to understand the situation changes of iron ore, as well as the demand/supply of the Chinese ferrous market during this volatile period.
Date: April 15 (Wednesday)
Time: 5pm CST