A recent report by the European Steel Association (Eurofer) said apparent steel consumption within the EU could grow by 5.4% in 2024.

Still, the figure depends on whether there are more favorable developments in the EU's industrial outlook, the group said.

Either way, steel prices could take some sway from this potential growth.

In its May 3 report, European Steel Association warned: “However, the overall development of steel demand remains highly uncertain. This is expected to continue to weaken demand from the steel-using industry through at least the first half of 2023. "

Eurosteel also added: "Positive quarterly developments in apparent steel consumption are expected from the third quarter of 2023 onwards."

Nonetheless, the association also pointed to a 1% decline in the apparent steel consumption outlook for 2023.

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