European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.
All the major steel coil producers in Northern Europe - including ArcelorMittal, Thyssenkrupp, Salzgitter and Tata Steel - have taken steps to cut their output, but market participants have mixed views on how effective these measures will be.Some market sources believed that the production cuts would not stop prices falling when the market returned to normal. Decreased demand combined with lower import offers would probably result in a...