The European Steel Association (EUROFER) has published a report on the EU rebar market.
In the October-November period last year, the EU-27 countries’ rebar deliveries rose by 4.3 percent year on year, following a drop of 2.3 percent in the third quarter of 2021. In the first 11 months of 2021, the EU-27 countries’ rebar deliveries rose by 7.1 percent year on year.
The EU-27 countries’ rebar imports from third countries in the October-November period last year increased by 62.3 percent year on year, following a rise of 28.9 percent in the third quarter. In the January-November period last year, the countries’ rebar imports rose by 44.7 percent compared to the same period of the previous year.
The report indicates that the monthly import rebar volumes of the EU-27 countries peaked in January 2021 and April 2021. Monthly import rebar volumes were stable up to October 2021, followed by another surge in January 2022.
Regarding the construction sector outlook for 2022-23, Germany’s construction activity is expected to recover at moderate rates due to scarcity of construction materials and supply chain issues. The European Commission (EC) forecasts 2.4 percent growth in Germany’s construction investment in 2022 and a 2.2 percent rise in 2023.
France’s construction activity for commercial and office buildings is set to remain weak due to poor demand, despite the economic recovery. Prospects for civil engineering activity remain relatively more positive thanks to the government’s plan to provide stimulus for public construction spending. The EC forecasts a rebound in the country’s construction investment by 3.3 percent in 2022 and two percent in 2023.
In addition, the EC forecasts a 6.2 percent growth in Italy’s construction investment in 2022 and five percent in 2023, while it expects a rebound in Spain’s construction investment by 7.6 percent in 2022 and nine percent in 2023. The commission anticipates a 5.9 percent growth in Poland’s construction investment in 2022 and 4.6 percent in 2023.
Meanwhile, EUROFER stated that the war between Ukraine and Russia has slashed GDP growth prospects for all advanced economies. The EU’s GDP is expected to be 0.5-0.7 percent lower in 2022 compared to 2021.