According to Frank Zhong, the association’s chief representative in Beijing, mid-April steel inventories in declined by about 10% from late March, when they stood at more than 55 million metric tons, a record. 

Through the pandemic, steel began piling up as lockdowns took hold. 

“Many steelmakers have had to resort to using external storage space,” Zhong wrote.  “As a response to this, from late February, most steelmakers began to reduce production levels. About 73 blast furnaces (77 million metric tons annually) owned by 47 steelmakers have halted production as of 21 February.” 

You can read more here.