Continued supply tightness of ferrous scrap and higher overseas demand for Turkish rebar has limited the immediate-term downside for Turkish imported scrap prices despite a fall in local rebar demand in Turkey this week.

The seaborne thermal coal market is oversupplied by around 40mn t and a demand-supply imbalance could persist for much of this year as the Covid-19 pandemic dents economic activity.

China's quick recovery from the Covid-19 outbreak has steadied iron ore prices this year, but global steel production cuts could divert 4mn-5mn t/month of iron ore to China and start to weigh on its spot markets, especially for pellet.

The steel industry was affected by the virus in the first quarter of 2020.

Covid-19-related shutdowns of automotive plants across North America could cost US automakers at least 900,000 vehicle sales this year, reducing steel demand, according to industry estimates.

Japan's auto sales fell in March for a sixth straight month.

Japan's electricity demand has slumped after a state of emergency was declared on 7 April to tackle the Covid-19 pandemic.

China's CRC prices slump 19% to date in 2020 on weak appliance, auto sectors