Local Sector in Search of New Steel Markets

In the past months, steel markets have struggled with the losses and shutdowns during pandemic. A sharp decline in steel exports amid global lockdowns made local demand for steel more important.

Turkish Steel 2020 Q1

Compared to last year’s first quarter; 2020 Q1’s Turkish steel exports were %11.6 lower at 5.1 million tons volume, whereas steel imports’ volume and value grew considerably to 3.6 million tons with 33.3% increase to $2.6 billion.

Coronavirus’ Steel Sector Impact by Regions

As coronavirus pushed the world towards “Great Lockdown”, I.M.F.’s annual world economic outlook predicted that the global economy will dwindle by 3%. Essential industries for steel sector have set alarm bells ringing with latest decrease in demand, along with disruptions to supply chains.

Global Steel Sector Faces Recession

Current trend in Japan is likely to spread to other steel manufacturers in others parts of Asia, and Europe, paving the way for lower prices across the global steel sector.

Coronavirus Can Disrupt Steel Sector 1Q 2020

In order to assess the current situation, we can also observe the impact of SARS virus on Chinese steel production during the period between November 2002, and July 2003.

International Trade Relations Define 2020 Steel Industry

International trade relations have been grappling with a changing landscape while impacting 2020 steel industry outlook.

2019 steel export performance

2019 Steel Exports Performance

2019 Q2 points out to decreasing levels of exported steel, and drops in exports value. As safeguard measures continue to impact this year’s steel imports, biggest steel exporters seem to focus on next chapters in trade wars ahead of 2020.

US – EU Tariffs Will Impact Steel Sector 2020 Outlook

Yesterday World Trade Organization approved imposing tariffs worth $7.5 billion annually on European goods, paving way for further tariffs between the European Union and United States. Steel sector eyes potentially shrinking demand amid uncertainty stemmed from near future events including a possible no-deal Brexit on October 31st, and a separate WTO ruling in 2020.

No-deal Brexit? Not So Fast

If trade agreement between EU and UK could not be reached, European Union’s steel tariffs and quotas will most likely impact steel exports performance across British Channel.

Brexit Versus Steel Sector

As Brexit looms, steel sector is bracing for further uncertainty in foreign trade performance. Boris Johnson government from United Kingdom considers Brexit a certainty, while signaling a no-deal exit from the Union.