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Eurofer expects recovery in EU steel demand

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Apparent steel consumption in the EU fell (-25.5%) y /y in the second quarter of 2020 after falling (-12%) in the first quarter. This was the largest drop in EU steel consumption ever.

Eurofer expects recovery in EU steel demand

According to the forecast of the European Steel Association (Eurofer), by the end of 2020, the apparent steel consumption in the EU will worsen by 14.6% compared to the previous year, and in 2021 it will grow by 13.1%, SteelOrbis reports. p>

According to Eurofer estimates, in the second quarter of 2020, apparent steel consumption in the European Union fell by 25.5% after falling by 12% in the first quarter. Industrial activity has resumed since the third quarter after the cancellation of measures related to the coronavirus, so the figures for this period will show a recovery.

The contraction of domestic shipments to the EU in the second quarter was 28.6% yoy after falling by 8.2% in January-March. Steel imports, the association said, declined 20% in the first three months of the year and 16.7% YoY in the second quarter. In absolute terms, this is 7.1 million tons, which is equivalent to 24% of the total steel demand in the EU.

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