The most influential mills’ group in the world’s largest steelmaker has sounded the alarm about the outlook as the coronavirus crisis rips through China’s economy, warning of transport snarls, weaker demand, and a situation this quarter that “does not look optimistic.”
“Companies are facing restrictions in logistics and transport, trades have been muted, prices of raw materials and steel have slid, which is causing the market’s value to decline,” the China Iron & Steel Association said. The group, which represents the biggest suppliers, gave a green light for lower production, while flagging potential for stimulus-aided demand later in the year.
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