EUROFER - EU Steel Market

The data from the third quarter of 2022 shows negative trends in the EU steel market, driven by factors such as war-related disruptions, poor demand, and rising energy prices and production costs. This has led to a significant decrease in apparent steel consumption, which has reached its lowest level since the post-pandemic period. In 2022, apparent steel consumption is experiencing its third annual recession in the last four years, due to drops in the third and fourth quarters of the year. The outlook for 2023 remains negative, with a projected decrease in apparent steel consumption of -1.9%. However, it is expected that in 2024, there will be a modest recovery in the market, provided that energy prices remain stable and the Russia-Ukraine war does not have a significant impact on global supply chains.