EUROFER: Apparent steel consumption in EU set to recover in 2024

Friday, 09 February 2024 14:47:08 (GMT+3)   |   Istanbul

According to the Economic and Steel Market Outlook 2024-2025/Q1 2024 Report from the Economic Committee of the European Steel Association (EUROFER), in the third quarter of 2023 apparent steel consumption in the EU-27 decreased by 3.9 percent year on year to 30.4 million mt, the third lowest level since the start of pandemic in the second quarter of 2020. In the previous quarter, apparent steel consumption had fallen by eight percent year on year.

The association expects apparent steel consumption in the EU-27 to contract even further in 2023, by 6.3 percent. This would mark the fourth annual recession in the past five years. However, in 2024, apparent steel consumption is set to recover at a slower rate of 5.6 percent, compared to the 7.6 percent increase in the previous guidance, conditional on more favorable developments in the market outlook and an improvement in steel demand.

Steel demand remains subject to very high uncertainty. It is anticipated that quarterly positive developments in apparent steel consumption will only start to emerge from the first quarter of 2024.

In the third quarter, the output of steel-using sectors decreased by 0.3 percent year on year for the first time after the post-pandemic rebound, due to an ongoing downturn in the construction, mechanical engineering, domestic appliances and metalware sectors.

In addition, domestic deliveries in the EU decreased by 2.9 percent year on year in the third quarter, for the sixth consecutive time.

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