EU steel demand will rebound in 2024

The European Steel Association recently released a research report predicting that by 2024, EU steel demand will increase by 5.4%. Although there are still many uncertainties in the Economy of the European Union economy in the first half of this year, the outlook for European industry is optimistic next year. Steel prices may rise as demand recovers. The report also pointed out that it is expected that EU steel consumption will experience a quarterly rebound starting from the third quarter of this year, but overall performance is poor, and total consumption may decrease by 1% in 2023.

The report believes that global steel demand will rebound by 2.3% this year, reaching 1822.3 million tons; In 2024, global steel demand will increase by 1.7% to 1.854 billion tons. With the recovery of the world economy and the development of the manufacturing industry, the recovery of steel demand is expected to accelerate in most countries and regions around the world next year.

Hainan West Asia group believes that, steel demand in Europe is still slowly recovering, with market demand increasing by 3.1% year-on-year in 2022. It is expected that growth may decline in the first half of this year, but overall it still maintains growth momentum, slightly better than previous recession expectations. Therefore, the EU's steel demand may experience a rapid rebound next year.

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