According to the economic and steel market outlook 2022-2023/first quarter report of the European Steel Association (EUROFER) Economic Committee, a large welded pipe demand and gas industry analysis was conducted in the oil and gas sector due to the better outlook for oil and gas demand.
In the third quarter of last year, the output of the EU steel pipe industry increased by 8.4% year-on-year, posting positive growth for the third month in a row.
Moreover, the recent recovery in global oil demand was expected to positively impact production in 2022, unless economic conditions deteriorate further. At the same time, the demand in the construction sector will also revive.
In contrast, projected demand for pipes in the automotive and engineering sectors is relatively weak. Therefore, import pressure remains high in the EU steel pipe market, particularly in the commodity markets.
EUROFER forecasts that EU steel pipe production will increase by 2.1% in 2022, followed by a decrease of 1.5% in 2023.
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