The Chinese steel industry is slowly reviving. However, China alone cannot support the global market in the current crisis. A recovery in demand in other major consuming countries is needed to get the global steel industry back on track.
Positive signs are developing in the Far East and in some European countries, which is directly related to the relaxation of government restrictions. In addition, several US states are also starting to roll back lockdown measures taken last month.
Discussion about the duration and form of the recovery will continue among the metal industry professionals. Many economists are revising their forecasts for the magnitude of the global recession triggered by the coronavirus, fearing the severity could be worse than originally thought. A protracted recession will undoubtedly prove fatal for many companies. Their hopes now depend on the ability of the national authorities to overcome this historic crisis.