Along with the publishing of Q1 steel output and demand, the impact from COVID-19 became more and more obvious. Under the pressure of high stock, the increase of steel output of Q1 has been limited. The development of downstream industries was greatly constrained, especially for manufacturing industries hit by the overseas pandemic.
Specifically, the market situation is of high stock and low price, and the overall output of steel mills in Q1 increased vary slightly due to the COVID-19 effect.
In the view of export and import activity, the export during Jan to Mar falls sharply by 16%, while the increase of import is far higher than the variation of export. The overseas pandemic situation will continuously affect steel export. Meanwhile, the import at a low price is still possible under downward pressure of steel price in the global market. The domestic supply pressure will be continuously strengthened.