The European Union's Steel Demand Weakened In H1 2023, Consumption May Increase 5.4% In 2024

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.

More popular news

Manufacturing PMI In Euro Zone And Germany Both Pick Up, But Still In Contraction Territory

Commerzbank Sees Higher Oil Prices, Citing Significantly Tightening Market  

Steel Scrap Prices Bottomed Out In Late May After Headwinds In Ferrous Metals Market Were Priced In, Wild Price Movement Will Be Monitored In June

ANZ Bank Is Bearish Towards Iron Ore Prices, Citing Four Big Headwinds In China, Including Real Estate Downturn

Goldman Sachs Sees OPEC+ Meeting As "Moderately Bullish" As Saudi Move Could Offset Some Downside Risks

Vale Is Advancing Huge Investment, Betting On Strong Demand For High-Grade Iron Ore

South China Battles Power Crisis, The Worst This Year

Aluminium Ingot Inventories In China Fall To Alarmingly Low Level

China’s Steel Exports Jumped, In Contrast To Falling Exports Of Unwrought Aluminium &Aluminium Semis And Rare Earth

Fitch: Global Trade Is Slowing Sharply And May Grow Only 1.9% This Year

RMB Assets Are More Competitive In The Medium And Long Run Amid Cyclical Global Financial Downturn, Director Of China’s State Administration Of Foreign Exchange Says

China Is Confident, Capable and Qualified to Achieve GDP and Other Goals Set at the "Two Sessions" and YoY Growth Rate of CPI Will Recover to Above 1% by December, Governor of China’s Central Bank Says

Oil Price Downturn To Reverse? Saudi Arabia "Declares War" On Bears, Bulls Betting On $100/barrel

Yunnan Likely To Issue Specific Power Load Distribution Notice To Local Aluminium Smelters, Bringing Hope To Partial Restarts Of Nearly 2 Million Mt Of Idled Capacity

Goldman Sachs and Citibank Cuts Iron Ore Price Forecast, with the Former Citing Surplus Steel in China and Slower Recovery of Property Sales