According to the announcement from Moody, one of the leading rating agencies in the world, the global steel industry may get worse this year due to weak fundamentals in 2019 and the negative impact of viruses. COVID-19.
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Based on that, Moddy predicted a negative outlook on the steel market including the US, EU, Asia, Russia and Brazil. In Asia Pacific, a major market for Chinese steel products, Moody’s Investors Service warns that “an increase in the disease will weaken the economy significantly due to slower domestic consumption. , exacerbating disruptions to cross-border supply chains of goods and services. “
In addition, Moody also mentioned that the automobile industry’s sales plummeted, which could further reduce the demand for steel in the world.