A report by the European Steel Association (Eurofer) shows that apparent steel consumption in the European Union could increase by 5.4% in 2024, driven by more favourable trends in the industrial sector. Despite the projected growth in steel consumption, Eurofer warns of a high degree of uncertainty that could put pressure on demand from steel-using sectors at least in the first half of 2023. "However, the overall steel demand trend is still subject to a high degree of uncertainty," Eurofer emphasises in its report of 3 May.
The association also notes that "positive changes in apparent steel consumption are only projected on a quarterly basis from the third quarter of 2023". However, Eurofer notes that the forecast for apparent steel consumption for 2023 points to a decrease of 1%.
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