Apparent steel consumption in the EU is expected to grow in 2018-19, but "trade frictions with the US and cooling global demand" increase the uncertainty in the market and might lead to weaker prospects for European steel users, regional steel association Eurofer said on Thursday October 25.
European apparent steel consumption will increase by 2.2% year-on-year to 163 million tonnes in the full year of 2018, the group said in a press release on the prospects for the EU steel sector. In 2019, it is expected to rise fractionally to 164 million tonnes.The EU already applies trade protection measures to imports of steel products. But alongside these, trade barriers which are being considered by the United States against EU automotive exports could have a damaging effect on steel demand and lead to a further escalation...