ArcelorMittal's lower steel shipments to hit raw materials

摘要

London—Steel group ArcelorMittal’s second quarter steel shipments, cut to match weaker demand and reduction over the year, are expected to hit steel raw materials demand. The company in March declared force majeure to raw materials suppliers globally due to the COVID-19 outbreak. Since then, benchmark coking coal prices have fallen by over a quarter, diverging with S&P Global Platts iron ore indices.for delivery into China, where steel output has continued strongly. ArcelorMittal expects steel shipments to fall as much as 41% in Q2, based on a forecast 13.5 million-14.5 million mt range, compared with Q2 2019, said the Luxembourg-based company in its quarterly report Thursday.