30 million tons of steel capacity impacted by epidemic & war, international steel prices to rise further
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Update time : 2022-03-22 21:33:45
The supply of steel has tightened as the COVID-19 epidemic became severer in China, causing major steelmaking hub Tangshan to be closed, and Azovstal, the main steel plant located in Mariupol, Ukraine, was badly damaged.
Therefore, the gap of supply has expanded, which is likely to boost steel prices to rise continuously. Approximately 30 million tons of steel capacity will be impacted, so the international steel prices will continue to surge.
In addition, steel prices will be also affected by the frozen exports from Russia and rise further due to the unbalanced supply and demand because Russia is a globally leading supplier of natural gas, oil, coal, and nickel.
