The Bureau of International Recycling (BIR) has indicated that demand for stainless steel scrap at the start of the last quarter of the year is expected to remain steady with a drop projected by the end of the year.
The BIR analysis noted that businesses pertaining to the stainless-steel industry have been very volatile as the world is yet to determine the full impact of COVID-19. Car manufacturing companies are witnessing a drop in production and job losses but, on the other hand, orders in the home appliance sector have increased through e-commerce portals.
BIR has also urged the airline companies to project their outlooks based on only 50-60pc sales compared to the previous outlook models as the aviation industry has been significantly affected by the pandemic.