At the moment, the world economy is weighing up the impact of the COVID-19 pandemic and the probability of a significant second wave given the current increase in the infection rate in almost every region.
The airline industry has published its latest development outlook and must understand that future business plans need to be based on perhaps only 50-60% of sales when compared to previous models.
With reference to stainless steel-consuming industries, car manufacturing is still deteriorating and significant job reductions can be expected, including among its Tier 1 supplier base. In contrast, a continuous increase in order intake is reported by the white goods sector; the advantage is that its products are easily available through any online device.
Ferrous scrap prices have shown some momentum over recent weeks whereas Cr prices have remained stable. Demand for stainless scrap is also expected to remain stable at the beginning of the fourth quarter, with the normal seasonal slowdown anticipated towards the end of the year.
Joost Van Kleef
Oryx Stainless B.V. (NLD), Chairman of the BIR Stainless Steel & Special Alloys Committee
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