Unprecedented steel demand deterioration in the region started in late 2019 and has continued into the first quarter of 2020, with Covid-19 related restrictions aggravating the situation, Eurofer said on Wednesday October 28.
Apparent steel consumption in the EU fell to around 29.6 million tonnes in the second quarter, down by 25.5% year on year. This followed a drop of 12% in the first quarter of 2020 as well as a 5.3% reduction for the whole of 2019 to 154 million tonnes, which was the worst slump since 2012.
Virus lockdown measures had been relaxed by the end of the second quarter in most EU countries, but overall demand and business confidence still remain far below pre-pandemic levels.
Steel imports in the second quarter continued...