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Turkish steel producers remained quiet in the deep-sea scrap import markets while suppliers were unwilling to sell at current price levels, sources said on Wednesday April 1.
The mills were mostly shunning scrap purchases because of the coronavirus (Covid-19) outbreak, which brought steel trade to a halt and caused mills to close or cut production.
Global Covid-19 effects could cut iron ore supply by 18 mln tonnes in 2020, Vale says
Nationwide lockdowns and restrictions on activity to contain the Covid-19 pandemic could reduce the supply of iron ore in the seaborne market by around 18 million tonnes this year, according to mining company Vale.
The Brazilian company gave its estimate in a presentation filed with the country’s securities commission, CVM, on Tuesday March 31.
Government actions intended to limit the spread of the virus have led to output reductions in South Africa, Canada, India, Peru and Malaysia, Vale said. Supply from other African countries was also reduced, it added.
These lockdown initiatives will last for 21-28 days, depending on the country. (metalbulletin)
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