The Asian ferrous supply chain is emerging from a slowdown caused by the Covid-19 pandemic ahead of the rest of the world, with demand recovering quicker here than in other regions.
Key markets for flat and semi-finished steel as well as ferrous scrap in Asia are seeing prices being supported.
This is in line with
projections made by the International Monetary Fund about how emerging and developing markets in Asia will experience less of an impact from the pandemic than advanced economies. This is based on the assumption that the pandemic and required containment peak in the second quarter for most countries, and recede in the second half.
For instance, the IMF expects India's economy to grow by 1.9% this year, compared with 4.2% last year, and that of Singapore, Malaysia, Indonesia, Thailand and the Philippines - the five largest economies of the Association of South East Asian Nations (Asean) - to collectively contract by a marginal 0.6%, compared with a 4.8% growth rate last year.
In contrast, the United States economy is forecast to contract by 5.9%,...