Following the relative improvement of real steel consumption in the second half of 2013, estimates for consumption in the first quarter of 2014 indicate that the recovery in final demand gained further strength, according to the Economic and Steel Market Outlook 2014-2015/Q2 2014 Report from the Economic Committee of the European Steel Association (EUROFER).
EUROFER said that prospects for the remainder of 2014 are moderately upbeat. It is expected that from the second quarter onwards the growth in real steel consumption will more closely track the upward trend in activity in the steel-using sectors. Moreover, from mid-2014 also final steel demand in the construction sector will no longer act as a drag on real steel consumption.
According to EUROFER, a slightly higher growth pace for real steel consumption is forecast for 2015, in line with the EU economy nearing its longer-term trend growth of around two percent. Activity in the steel-using sectors is foreseen to gain further strength as well. The impact from steel intensity on real steel consumption will become less negative owing to investment growth gathering momentum.
EUROFER expects real steel consumption to rise by just over two percent in 2014 and to increase by almost 2.5 percent in 2015.
