Real consumption of steel in the European Union is forecast to fall by 2.5 percent in 2012 and to increase by around 1.5 percent in 2013, according to the Economic and Steel Market Outlook 2012-2013/Q3 2012 Report from the Economic Committee of the European Steel Association (EUROFER).
In the first quarter of 2012, real consumption of steel in the EU decreased by 1.4 percent compared to the corresponding period of the previous year, much in line with the contraction in activity in the steel using industries. Preliminary figures for the second quarter of the year indicate that the downward trend in real steel consumption intensified.
EUROFER forecasts that the quarterly trend in consumption will remain negative during the second half of 2012. An improvement in real consumption is not expected before the second quarter of 2013.
According to EUROFER, the EU steel market will take a turn for the better in the first half of 2013, with improving economic fundamentals in the EU domestic market and abroad.