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The Economic Impact Caused By The Coronavirus Pandemic Will Reach Steel Mills In April, According To Inda
The economic consequences arising from the coronavirus pandemic will reach steel mills later, according to the executive president of the National Institute of Steel Distributors (Inda), Carlos Loureiro.
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For the coming months, demand for steel is expected to decline with the production halt of major clients such as automakers and white goods manufacturers.
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According to the president, “We cannot know the extent of this decline, but it will come. Starting in April, with the expected evolution of the pandemic, demand for steel will fall; we just don’t know how much.”
In Volta Redonda, Rio de Janeiro, the company’s plant CSN continues to produce with the blast furnaces operating normally. The difference lies in the safety measures adopted with employees to inhibit the transmission of the virus. Such measures are being discussed in committees created at each unit.
The president of Inda stated that the price increases proposed by the steel mills should not be implemented precisely due to the lack of demand.
According to Valor, CSN and Usiminas had reported the intention to implement price increases of around 10% in March and April, due to rising costs with the escalation of the exchange rate this month.
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