EU real steel consumption in the first quarter of the current year grew by 4.1 percent year on year, on a par with the healthy increase of production activity in the steel using sectors, according to the Economic and Steel Market Outlook 2017-2018/Q3 2017 Report from the Economic Committee of the European Steel Association (EUROFER). Particularly, the strong performance of the tube sector and of the construction and automotive industries boosted final demand for steel products. Also, the overall positive trend in the other steel using sectors such as mechanical engineering, electrical domestic appliances and metal goods supported the robust rise in real steel consumption.
EUROFER said that the prospects for the remainder of this year are for continued growth of real steel consumption in the EU, although year-on-year consumption at a quarterly basis is expected to gradually slow down to a more sustainable growth rate. On balance, total real steel consumption in the EU is forecast to grow by 2.4 percent year on year this year.
The outlook for 2018 is for continued growth of real steel consumption in the EU market. Due to temporary consumption boosts such as the exceptionally strong growth of steel tube production activity coming to an end and slowing growth momentum in the automotive sector, growth of real consumption will slacken to some extent in 2018.