According to the Economic and Steel Market Outlook 2023-2024/Q2 2023 Report from the Economic Committee of the European Steel Association (EUROFER), in the fourth quarter last year output of the EU steel tube industry increased by 1.1 percent year on year, after a 1.8 percent fall in the previous quarter. The industry’s output increased by 1.9 percent in 2022, after a rise of 10.9 percent in the previous year.
According to the EUROFER report, severe global supply chain issues and war-related disruptions have further delayed ongoing projects. Demand for large welded tubes from the oil and gas sector is not expected to improve in the longer term. Meanwhile, demand from the construction sector is likely to continue contributing to a moderate growth in output, while tube demand from the automotive and engineering sectors is forecast to remain relatively weak.
EUROFER stated that it expects steel tube output in the EU to decrease by 1.8 percent in 2023, followed by a moderate growth of 1.5 percent in 2024.