EU Steel Consumption Surged in 3Q 2021, Says EUROFER

After 13.8% rebound in 2021, steel consumption is set to grow much more moderately in 2022 and 2033, EUROFER noted.

SEATTLE (Scrap Monster): The European Union (EU) apparent steel consumption increased for the fourth consecutive time in a row during the third quarter of 2021. However, the consumption at around 36 million tonnes was down when matched with 40 million tonnes of steel consumption in the quarter before that. The European Steel Association (EUROFER) predicts the recovery to continue, but at a moderate pace, until at least mid-2022.

The domestic steel deliveries in the EU continued positive trend, in line with rising steel demand. The surge in deliveries, at 6.6%, was much lower when matched with the record growth in volumes of 40% witnessed in Q2 last year. Meantime, the EU steel imports surged higher significantly by 47.7% in third quarter.

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EUROFER Expects Robust Recovery in Steel Demand

After 13.8% rebound in 2021, steel consumption is set to grow much more moderately in 2022 and 2033, EUROFER noted. It predicts growth by 3.2% and 1.7% respectively. The demand from major steel using sectors are likely to be impacted by global supply chain issues and rising energy prices, at least until Q2 2022, it said.

Axel Eggert, Director General, EUROFER said that the positive trend in steel-using industries and steel demand will continue, however the outlook is becoming gloomier. The steel sector recovery faces several threats including persisting inflation, booming energy and carbon prices as well as ongoing supply chain disruptions, he added.

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