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The current situation of steel supply and demand in Europe will support steel prices

Posted:2021-03-03 11:09:39

After a difficult year of 2020, European steel mills believe that crude steel production will only show moderate growth in the first half of 2021, and the demand recovery will exceed the supply level with the support of the government's economic stimulus plan.

According to the data of the World Iron and Steel Association, the crude steel output of the European Union in 2020 was 138.8 million tons, a year-on-year decrease of 11.8%, lower than the peak of 169 million tons in 2017 for the third consecutive year. It is estimated that steel production will not return to the pre pandemic level until at least 2023, and steel demand will not return to the pre pandemic level until at least 2022.

Eurofer, an association of European steel manufacturers, predicts that only 7.4% of the production lost in 2020 will be made up in 2021, and steel production will further increase by 4.1% in 2022. At the same time, consumption will recover more quickly: after a 13% decline last year, it will grow by 13.3% in 2021 and a further 3.4% in 2022.