The European Iron and Steel Union (Eurofer, referred to as the European Iron and Steel Union) on August 5 released market forecasts that the output of all steel consuming industries in the EU will fall by 12.8% year-on-year in 2020 and rise by 8.9% in 2021. However, the European Steel Federation said that due to the “very strong” government support, the steel consumption intensity of the construction industry will drop significantly less than other industries.
For the larger consumption area of the steel industry, and also the industry that is least affected by the epidemic in the EU this year-the construction industry, it is expected that steel consumption this year will account for 35% of the EU steel consumption market. The European Union of Steel predicts that the output of the construction industry will fall by 5.3% year-on-year in 2020 and rise by 4% in 2021.
For the automotive industry, the EU industry that has been hit harder by the epidemic this year, steel consumption is expected to account for 18% of the EU steel consumption market this year. The European Union of Steel predicts that the auto industry’s output will fall by 26% year-on-year in 2020 and will rise by 25.3% in 2021.
The European Steel Federation predicts that the output of mechanical engineering in 2020 will drop by 13.4% year-on-year, accounting for 14% of the EU steel consumption market; it will rebound by 6.8% in 2021.
In the first quarter of 2020, the output of the EU steel pipe industry fell by 13.3% year-on-year, but due to its close ties with the construction industry, it is considered to be flexible. However, the demand for large welded pipes in the oil and gas industry is expected to remain very weak. In 2020, steel consumption in the steel pipe industry will account for 13% of the EU steel consumption market. The European Steel Federation predicts that the steel pipe industry output in 2020 will continue the downward trend in 2019, down 19.4% year-on-year, and there will be a 9.8% rebound in 2021.
The European Union said that the new crown pneumonia epidemic has further exacerbated the downturn in the EU household appliance industry since the third quarter of 2018. The European Union of Steel predicts that the output of household appliances in 2020 will fall by 10.8% year-on-year, and will return to 5.7% in 2021. In 2020, the steel consumption of this industry will only account for 3% of the EU steel consumption market.
Post time: Aug-25-2020