EU steel tube production to grow by 2.1% in 2022, while down 1.5% in 2023
Time:Fri, 11 Feb 2022 08:50:23 +0800
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According to the economic and steel market outlook 2022-2023/first-quarter report of the Economic Committee of the European Steel Association (EUROFER), due to the better outlook for oil and gas demand, the request for large welded tubes in the oil and gas industry has been driven.
In the third quarter of last year, the output of the EU steel tube industry increased by 8.4% year on year, the third consecutive month of positive growth.
Furthermore, if economic conditions do not deteriorate further, the recent recovery in global oil demand was expected to impact production in 2022 positively. At the same time, demand in the construction industry will also recover.
Conversely, the predicted demand for tubes in the automotive and engineering sectors is relatively weak. Therefore, import pressure remains high in the EU steel tube market, especially commodity markets.
EUROFER estimated that the production of EU steel tubes will grow by 2.1% in 2022, followed by a decline of 1.5% in 2023.
