The European Steel Association (Eurofer) report suggests that apparent steel consumption in the EU may rise by 5.4% in 2024, depending on more favorable developments in the industrial outlook.
“However, the overall evolution of steel demand remains subject to high uncertainty,” Eurofer warned in its May 3 report. “[This] is expected to continue to undermine demand from steel-using sectors at least in the first half of 2023.” The association also added that “Quarterly positive developments in apparent steel consumption are only foreseen starting from the third quarter of 2023.” Nonetheless, Eurofer noted that the apparent steel consumption outlook for 2023 points to a 1% drop.
MetalMiner customizes price points, price forecasts and procurement solutions based on the specific metal type your company purchases.In mid-May, the European Commission also reported that EU economies are likely to grow 1.4% in 2024, which could impact steel prices globally. However, inflation remains a significant challenge. Indeed, the 27-member EU experienced significant economic uncertainty in Q1 due to interest rate hikes and the subsequent lower credit availability.
That price reflects an average decline of almost 27.2% year-on-year, when prices were closer to €1,030 . Though Eurofer sounded a positive note, many analysts expect this combination of historically high energy prices, low demand, and economic uncertainty to weigh on the rest of 2023. Rolls of galvanized steel sheet in metalworking factory warehouse.“Despite these challenging conditions, steel-using sectors’ output grew also in 2022 after the post-COVID rebound in 2021,” the association noted.
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