EU Steel demand may fall 4%-5% this year
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NEW YORK (Scrap Monster): Global securities and investment banking group, Jefferies has predicted that the European Union's (EU) steel demand would decline by 4% - 5% this year and the demand would remain soft in the foreseen future.
According to the report, the EU's steel demand would be at around 147 million tons this year, fell by 4% from a year earlier and decreased substantially by 27% from the peak in 2007.
Meanwhile, the demand for steel flat products from automobile and machinery sectors would remain strong while the demand for steel long products from construction industry would be sluggish.
In addition, the report pointed out that the steel prices will not rebound until the oversupply is digested.
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