The industry is striving to stabilize the market and conduct crucial contract negotiations with the automotive sector for 2025. In contrast, automakers reportedly aim to exert pressure on steel prices to align contract prices more closely with spot market prices.
The European Union is anticipated to implement supportive measures for the steel sector, with another development likely to positively impact steel prices. Industry representatives' expectations have risen as the EU's final tariffs on steel imports from Egypt, India, Japan, and Vietnam are set to take effect in January, which is expected to protect local producers and stabilize prices.
Steel plants are under pressure to maintain production in order to secure free carbon emission permits; however, weak demand continues to pose challenges. This situation could result in a decline in steel production as early as 2025. Analysts indicate that the industry may be compelled to reduce production unless demand increases or emission policies are revised.
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