European steel market recovery to start in late 2020-early 2021, Eurofer says

The European steel market will not recover from the drastic drop in demand caused by the measures to combat the spread of the Covid-19 virus until late 2020-early 2021, the European steel association Eurofer said this week.

“Although the wide uncertainty and the unprecedented nature of the crisis make it rather complicated to produce a reliable forecast at the time of writing, market conditions are not expected to improve before the fourth quarter of 2020 or early 2021,” Eurofer said on Tuesday May 12.
The pace of recovery will depend on the length of the industrial lockdown in the steel-using sectors, which has almost put a stop to new steel orders, the association said, but there are already signs of some restarts in the automotive and other sectors.

“Restarting normal industrial activity after the end of the pandemic will not lead to a rapid return to usual output volumes,” Eurofer said. “Consumer...

Published

Maria Tanatar

May 13, 2020

11:57 GMT

London