The World Steel Association (worldsteel) says that global crude steel output from its 64 reporting countries dipped year-on-year in March 2020 to 147.1 million tonnes, down by - 6%. “Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates from national and regional associations, which may be revised with next month's production update,” the association says.

World crude steel production was 443mt in the first three months of 2020, down by -1.4% compared with the same period in 2019. Production fell slightly in Asia but European output fell by -10% on-year.

Kallanish notes that in April a further downturn is expected in key areas such as North America and Europe. May could bring some return towards normal production as many countries are preparing to ease lockdowns.