World Steel Association Points Out Speedy Recovery of Steel Using Sectors
The sector to witness dramatic impacts was the automotive sector.
SEATTLE (Scrap Monster): The steel using sectors seem to be recovering faster than other sectors such as hospitality, aviation and entertainment, noted the recent edition of Short Range Outlook (SRO) by the World Steel Association (worldsteel). In particular, manufacturing sector is witnessing strong rebound, it said.
The increasing focus on implementing public projects by various governments resulted in highly resilient construction sector. As per estimates by the trade body, the construction sector in emerging economies such as Turkey, Mexico and Brazil are likely to see double-digit contraction in 2020. On the other hand, the government stimulus measures are likely to lead to strong rebound in Chinese construction sector. Also, the recovery will remain slow in 2021.
RELATED NEWS:
Steel Demand in Developed Economies to Decline by 15%
Major Emerging Economies to See Double-Digit Drop in Steel Demand
The sector to witness dramatic impacts was the automotive sector. The automotive production plummeted by nearly 70-90% in many countries during April this year. The global automotive production recorded year-on-year decline by 34% in Q2 this year. Meantime, robust domestic demand has resulted in faster recovery in China.
The huge contraction in machinery sector in Q2 2020 was led by China, the EU, the U.S. and Japan. However, the decline in machinery output has started decelerating since May this year, worldsteel SRO said.
- New Exhibit at Chicago’s Museum of Science and Industry Examines the Impact of Ocean Plastic Pollution
- Chicago Denies Permit for Scrap Metal Yard at Heart of 'Environmental Injustice' Battle
- International Paper Announced First Quarter 2024 Results
- 26th April, 2024: Scrap Gold Prices Dropped, Platinum and Silver Surged on Index
Scrap Metal Prices
Copper Scrap | ||
Alternator | 0.32 | $US/Lb |
#1 Copper Bare Bright | 3.75 | $US/Lb |
Aluminum Scrap | ||
356 Aluminum Wheels (Clean) | 0.73 | $US/Lb |
6061 Extrusions | 0.64 | $US/Lb |
Steel Scrap | ||
#1 Bundle | 460.00 | $US/MT |
#1 Busheling | 480.00 | $US/MT |
Electronics Scrap |