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EU steel demand is expected to recover compared to the third quarter

The European Steel Association (EUROFER) shared its forecasts for steel demand in the EU in its annual report.

EU steel demand is expected to recover compared to the third quarter

EUROFER noted that the overall dynamics of steel demand in the EU remain subject to very high uncertainty, which will continue to weaken demand from steel-using sectors at least in the first half of 2023. Positive changes in steel consumption are expected to start only from the third quarter of 2023.

Moreover, steel consumption, which decreased by 7.2 per cent year-on-year in 2022 due to the decline in steel demand, will decrease by 1 per cent in 2023. This will be the fourth annual decrease in the last five years. In 2024, steel consumption will recover faster than previously forecast on the back of a better industrial outlook and an improvement in steel demand.

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