Eurofer expects output of E.U. steel consumption industries to fall by 12.8% YOY in 2020
2020-08-14 11:15:48 [Print]
Recently, European Confederation of Iron and Steel Industries (Eurofer) released a market forecast, predicting that the output of all E.U. steel consumption industries would fall by 12.8% on a year-on-year basis in 2020 and rise by 8.9% in 2021. With "significant support" from the government, the steel consumption decline of construction industry is substantially lower than that of other industries.
The steel consumption volume of construction industry, the largest consumer in iron and steel industry and the industry suffering the minimum impacts from COVID-19 in the E.U. in 2020, would account for 35% of the E.U. consumption. According to the forecast of Eurofer, the output of construction industry would drop by 5.3% YOY in 2020 and increase by 4% in 2021.
The steel consumption volume of automobile industry, the industry suffering greatest impacts from COVID-19 in the E.U., would account for 18% of the E.U. consumption. According to the forecast of Eurofer, the output of automobile industry would drop by 26% YOY in 2020 and increase by 25.3% in 2021.
The steel consumption volume of construction industry, the largest consumer in iron and steel industry and the industry suffering the minimum impacts from COVID-19 in the E.U. in 2020, would account for 35% of the E.U. consumption. According to the forecast of Eurofer, the output of construction industry would drop by 5.3% YOY in 2020 and increase by 4% in 2021.
The steel consumption volume of automobile industry, the industry suffering greatest impacts from COVID-19 in the E.U., would account for 18% of the E.U. consumption. According to the forecast of Eurofer, the output of automobile industry would drop by 26% YOY in 2020 and increase by 25.3% in 2021.
