EU Steel Demand Downgraded Again, To Slump 5.3% In 2023

A European Union industry group again downgraded its outlook for the steel market on Monday, saying demand is due to tumble 5.3% this year amid high inflation and geopolitical tensions.

In July, the European Steel Association (Eurofer) forecast consumption of steel was due to drop 3% instead of the 1% decline it had predicted in May.