EUROFER – Economic and Steel Market Outlook 2025-2026, Feb 2025

he report by EUROFER "Economic and Steel Market Outlook 2025-2026" explores the projected trends and challenges in the steel market within the European Union amidst economic uncertainties. In the third quarter of 2024, apparent steel consumption continued to decline, with a 0.9% decrease following a 1.4% drop in the previous quarter, totaling 30.4 million tonnes. The downturn, beginning in Q2 2022 due to war-related disruptions and rising energy costs, persisted due to global economic uncertainty and high interest rates. Despite expectations for improved steel demand in 2024, consumption dropped by 2.3%, worse than forecasted. Looking ahead, 2025 may see a slow recovery in steel consumption, contingent upon industrial outlooks and easing global tensions. However, consumption levels are expected to remain below pre-pandemic figures.