According to the Economic and Steel Market Outlook 2025-2026/Q1 2025 Report from the Economic Committee of the European Steel Association (EUROFER), in the third quarter of 2024 apparent steel consumption in the EU-27 amounted to 30.4 million mt, down by 0.9 percent year on year, after a 1.4 percent decrease in the second quarter of 2024.
The negative trend in the steel market has continued due to war-related disruptions and unprecedented rises in energy prices and production costs, and in 2024 apparent steel consumption is expected to experience another drop of 2.3 percent, revised downwards from the previous forecast of a 1.8 percent decrease. EUROFER expects that in 2025 apparent steel consumption will grow at a slower pace, at 2.2 percent, compared to the previous forecast for a 3.8 percent increase.
In the third quarter, the output of steel-using sectors declined by 4.1 percent year on year after decreasing by 2.1 percent in the second quarter of 2024. Ongoing economic uncertainty is set to continue taking its toll on growth also in the upcoming quarters, despite monetary easing by the European Central Bank, the effects of which will not be fully visible in the short term. For 2024, output is expected to go down by 3.3 percent, compared to the previous expectation of a 2.7 percent decline.
In addition, domestic deliveries in the EU fell by 2.3 percent year on year in the given quarter, after a 1.6 percent fall in the previous quarter, reflecting the sharp deterioration in demand.
