Look the world, the economy and almost all markets and industries. You can see it in every way possible, the coronavirus pandemic has changed the world. This does not exclude the steel sector, as COVID-19 has significantly affected this industry.
The shipping industry is yet another sector which is seriously affected by the virus. That makes sense because transport depends on the status of other industries, including steel. The market for steel is dysfunctional. The world steel manufacturing decreased 1.4% in the first three months of 2020 according to steel pipe fabricators.
Jim Meil of American Commercial Transport (ACT) Research Co LLC, lead analyst and market analyst, says there are similarly difficulties in other industries that rely on the transportation industry.
“The activity of motor vehicles has dropped to nearly zero,” says Meil. “Not to mention the lowest we saw in the period after the Second World War.”
Meil also points out the substantial decline in construction and energy operations such as petroleum fields and natural gas. If you wonder how coronavirus has affected steel transport, read on.