According to IHS Markit data, steel companies have experienced a decline in performance, with strong production cuts across Europe and the US as demand fell for the fourth consecutive month up to March.
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However, the pace of decline is less than in February, data shows.
Consequently, European steel users saw the sharpest decline in new orders in more than a decade, leading to a further drop in purchases by the end of the first quarter.
The decline in economic and industrial activity worldwide has made it difficult for steel companies to source raw materials from suppliers, resulting in extended production times, although some companies steel use has reduced costs due to weakening input demand and plummeting oil prices.
Despite a limited supply of raw materials, input prices fell for the first time since February 2016, resulting in a price drop from steel consumers.
Purchasing power management index (PMI) is calculated to provide a comprehensive overview of steel operating conditions of 49.3 in March, up from 45.3 in February due to increased steel production from Asian steel users.
As Asian steel companies seek to restart factories by hiring new workers, American and European manufacturers have been forced to reduce production while also eliminating their workforce in the context. nationwide blockade and industry closure.