Aug 16, 2021
EUROFER: Recovery in steel demand expected to continue in 2021
2021-08-20
Apparent steel consumption in the EU rose by 0.9 percent year on year in the first quarter this year, amounting to 36.3 million mt, according to the European Steel Association’s (EUROFER) latest Economic and Market Outlook. The volume for the first quarter reflects improvement in demand levels. EUROFER said it expects the recovery in steel-using industries and in steel demand to continue in 2021, although the general economic recovery in the EU appears to be uneven and exposed to risks.
The EUROFER report stated that the loosening of lockdown measures in the third quarter last year allowed industrial activity to restart, with a considerable rebound in output compared to the record lows seen in the preceding quarter, which continued over the fourth quarter of 2020 and up to the first quarter this year, driven by the faster-than-expected recovery in output in some sectors.
In the first quarter, output in EU steel-using sectors rose by 2.6 percent year on year and that was the first quarterly increase since the third quarter of 2019. EUROFER stated that the industry in the EU has recovered the output loss experienced during the pandemic, but activity remains exposed to risks, due to persisting uncertainty around vaccination plans and the ongoing consequences of the pandemic.
Source: Steel Orbis
