SGX that is. Hammered again yesterday to $73.64:
Coronavirus damage estimates are mounting, via Platts:
“The concentration of the virus in China, the strong growth of Chinese steel production/exports since 2003 are likely create a demand vacuum across the region,” Jefferies’ Australia-based analysts Simon Thackray and Abraham Akra said in a note. “We believe, inventories of steel globally are likely to rise and offset the fall in Chinese steel production, weighing on global steel prices. Similarly, nonferrous scrap demand is likely to fall.”
