European Steel producers are now urging the EU to trim import quota over the fear that it would attract a flood of shipment, which would be another threat for local producers already reeling under weak demand.
- The steel demand declined by half since March 2020 across the EU, prompting a 40 per cent layoff across the local steel workforce.
- Furthermore, the World Steel Association anticipates the global demand to decline by 6.4 per cent in 2020, especially due to a decline in demand across North America, EU and Asia.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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