In 2023, the indicator is expected to decrease by 6.3% per year
European steel association EUROFER expects apparent steel consumption in the European Union to grow by 5.6% in 2024 compared to 2023, to 137 million tonnes. By 2025, the number will increase by 2.9% per year – to 140 million tons. This is stated in the Association's analysis Economic and steel market perspectives 2024-2025, first quarter.
In 2023, apparent steel consumption in the EU is expected to decrease by 6.3% compared to 2022, to 129 million tonnes. At the same time, in 2022, the number decreased by 6.5% compared to the previous year. Thus, in 2023, steel demand in the EU will fall to the level of 2020, a difficult period for the global industry due to the coronavirus pandemic.
In the third quarter of 2023, apparent steel consumption fell for the sixth consecutive quarter, down 3.9% per year – to 30.4 million tons.
“The current decline in apparent steel consumption in the EU began in the second quarter of 2022 due to disruptions caused by the war in Ukraine, energy prices and unprecedented production costs. Demand deteriorated significantly during the second half of 2022, and this negative trend is expected to continue until at least 2024, as a result of growing global economic uncertainty, high interest rates and general weakness in the manufacturing industry,” the association said.
In 2024, with a more favorable industrial outlook and greater demand for steel, apparent steel consumption will recover. At the same time, global demand dynamics remain very uncertain, adds EUROFER.
As Compraço previously reported, in 2023, EU steel mills reduced steel production by 7.4% compared to 2022, to 126.3 million tons. In December, steel production increased by 2.7% annually – to 9.1 million tons.
