Eurofer – Steel Market Outlook, 3Q 2024

The steel market in the EU has been experiencing a negative trend since the first half of 2023, which has worsened over the last three quarters due to factors such as the war in Ukraine, deteriorating manufacturing outlook, and economic challenges. Apparent steel consumption in the EU decreased by 3.1% in the first quarter of 2024, following a 2.9% increase in the previous quarter. This marked the fourth annual recession in the last five years. In 2024, there is a projected recovery in steel consumption of 1.4%, lower than previously estimated, due to ongoing uncertainties in the industrial outlook and steel demand. Despite moderate improvements in steel consumption expected throughout the year, volumes are anticipated to remain below pre-pandemic levels. Imports of steel into the EU have increased by 12% in the first quarter of 2024, with the share of imports out of apparent consumption remaining high at 27%. The overall evolution of steel demand in the EU is subject to high uncertainty, with downward trends likely impacting the anticipated rebound for this year.