The published stock level index for the EU27 shows that stock levels of all steel products at distributors at the end of March were at 67 days of sales, the lowest level since March 2022, when they reached 62 days. In December 2022, the index increased to 118 days of sales. In 2022, distributors' stocks averaged 82 days of sales per month, which is a record level compared to the 70-78 days recorded in the 2018-2021 period.
Steel service centres specialising in flat product sales also ended Q1 with an average of 63 days of stocks in the EU27 and the UK, below the 64-day level in March 2022 and almost half the 124-day level in December 2022.
Low stock levels can be seen as a positive indicator for apparent steel demand in Europe, but at the same time, shipments by distributors across Europe in Q1 were significantly below the levels in Q1 2022.
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