ArcelorMittal’s Europe steel output cuts expected to hit dry bulk market
Following an announcement in early May, one of the world’s largest steel-makers has said it will reduce production in Europe due to persistent market weakness. This is a somewhat bearish sign for dry bulk shipping due to lower requirements for raw materials like iron ore and coking coal
The cuts in Europe follow troubles at British Steel’s plant in the UK, pointing to lower demand for raw materials that are typically carried on dry bulk vessels
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