Major Japanese steelmaker JFE Steel is facing the prospect of recording zero profit for the year ending March 2020 for the first time in its history due to global economic tensions and rising raw materials prices, it warned on Friday March 27.

Anglo American is expecting a production impact of 2-3 million tonnes at its Kumba iron ore operations in 2020, following a decision to operate with around half of its workforce during a 21-day lockdown in South Africa that started this week.

Nationwide lockdowns and restrictions on activity to contain the Covid-19 pandemic could reduce the supply of iron ore in the seaborne market by around 18 million tonnes this year, according to mining company Vale.

Domestic prices for steel rebar were unchanged in Northern Europe but slightly up in Southern Europe because of an increase in trading in Italy.

The unit's BF No 2 has been idle since July 2019, due to market conditions. The Tubarão complex's total capacity amounts to about 7.5 million tonne per year.

Indian domestic steel demand is likely to see a sharp dive in the first quarter of the coming fiscal due to stalled factories and production cutbacks across major user industries like auto and construction.

United States Steel Corporation announced a series of aggressive and meaningful actions to provide greater certainty on the company’s response to impacts from the coronavirus COVID-19 and the sudden, significant changes in global oil and gas markets.

Chongqing Iron & Steel (Group) saw a decrease of 48.22% on profit.