EUROFER: EU steel tube output to rise by 9.8% in 2021, 4.6% in 2022

Friday, 20 August 2021 11:13:07 (GMT+3)   |   Istanbul
       

According to the Economic and Steel Market Outlook 2021-2022/Q3 2021 Report from the Economic Committee of the European Steel Association (EUROFER), in the first quarter this year output in the EU steel tube industry decreased by 0.7 percent year on year and by 0.7 percent quarter on quarter. This is the seventh quarter-on-quarter drop in a row. In the third quarter last year, output in the EU steel tube industry fell by 11.7 percent year on year, despite the removal of lockdown measures, while in the fourth quarter last year output had decreased by eight percent year on year.

EUROFER said it assumes that the EU steel tube industry should see a rebound in 2021, provided that the pandemic fades around the third quarter this year. The association expects that the outlook for demand for large welded tubes from the oil and gas industry will improve, impacting steel tube output in the EU positively in the third quarter this year.

According to the EUROFER report, demand from the construction industry will recover, whereas tube demand from the automotive and engineering industries is forecast to remain less strong, even if these industries restore their production activity to high historical levels and supply chain disruptions are ultimately resolved. In addition, import pressure on steel tube markets in the EU will remain high, particularly for the commodity segment.

EUROFER stated that it expects steel tube output in the EU to rebound by 9.8 percent in 2021, followed by a 4.6 percent rise in 2022.


Most Recent Related Articles

Renault raises output loss forecast for 2021 amid semiconductor chip crisis

Ukraine-based Interpipe’s crude steel output and sales rise in Jan-Sept

Tenaris to sell structural pipe unit to MKK USA

France’s steel product import value up 47.5 percent in January-August

France’s steel product export value up 51.2 percent in January-August