Australia's Coronado warns coronavirus to hit steel demand
2020-02-25 14:29:21 [Print]
Australia's Coronado Global Resources Inc warned on Tuesday that the coronavirus outbreak would weigh on steel demand in China.
Coronado said it expects steel production in China to be curbed in the near-term as quarantine measures imposed by the Chinese government impacts demand from the residential and infrastructure construction sectors.
"The coronavirus is forecast to impact short-term steel demand in China. A stimulus package is expected to be implemented once the outbreak is contained," Coronado said, adding that steel demand is expected to recover.
The company also posted a lower production outlook for 2020 after a fatality at its Australian operations in January. The company sees 2020 production in the range of 19.7 million tonnes to 20.2 million tonnes, lower than the 20.2 million tonnes posted a year earlier.
Coronado said it expects steel production in China to be curbed in the near-term as quarantine measures imposed by the Chinese government impacts demand from the residential and infrastructure construction sectors.
"The coronavirus is forecast to impact short-term steel demand in China. A stimulus package is expected to be implemented once the outbreak is contained," Coronado said, adding that steel demand is expected to recover.
The company also posted a lower production outlook for 2020 after a fatality at its Australian operations in January. The company sees 2020 production in the range of 19.7 million tonnes to 20.2 million tonnes, lower than the 20.2 million tonnes posted a year earlier.
