Covid-19 pandemic disrupts the global stainless market

摘要

Stainless demand in southern Europe has been hit hard by large-scale restrictions implemented to slow the spread of Covid-19. Italy and Spain have closed all non-essential businesses, hugely impacting domestic stainless demand. Many service centres shipped hardly any material in the second half of March and some service centres are cancelling already booked material. Closed warehouses, employees on short-time working and logistical constraints are undermining regular operations at many service centres. As a result, southern markets have become illiquid. Deteriorating demand and lower nickel prices would normally point to significant stainless price declines, however, stainless supply restrictions were forcing those customers that were still active and needed volumes to accept higher prices in March.