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EU steel demand is expected to continue shrinking in 2023

EU steel demand is expected to shrink by 3.5% in 2022 and continue to shrink in 2023. In 2022, geopolitical conflicts will further aggravate inflation, supply chain and other issues. Against the background of high inflation and energy crisis, the EU is facing an extremely severe economic situation. High energy prices have forced many local factories to close, and industrial production activities have dropped sharply and are on the verge of recession.

The World Steel Association said that in view of the tight gas supply situation in the EU region will not improve in the short term, steel demand will continue to shrink in 2023. If the energy supply is interrupted, the EU will face serious economic downside risks. If the economic constraints continue to maintain the current level, it may also have a long-term impact on the EU's economic structure and steel demand. However, if the geopolitical conflict ends as soon as possible, it will bring economic action.

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