Q3 recovery in steel demand better than expected

Many nations witnessed an unprecedented drop in steel demand, in the second quarter of 2020, at the height of the first wave of coronavirus infections. During this time, several individual country PMI readings fell to the lowest levels ever recorded. The most severe drop was in the IHS Markit India Manufacturing PMI which fell to just 27.4 in April. However, in the third quarter, global steel demand improved, as manufacturing activity resumed, with the lifting of restrictions.

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