MEPS’s research respondents this month highlighted that growing imports into Europe were applying increased downward pressure on prices amid continued low demand. ISSB data shows that imports were down by 1.4% year-on-year (at 787,835 tonnes) at the end of August. However, volumes rose by 4.4% year-on-year in July and by 44.7% in August.
New stainless steel consumption data published by worldstainless highlighted that these imports were destined for a market suffering a demand downturn. Its Stainless Steel Markets report projected that consumption will decline by 4.7% year-on-year in its Europe/Africa category during 2024. This follows a 19.1% consumption decline in 2023.
The reduction in Europe’s consumption of long products has been most pronounced during 2024, with the full-year forecast showing a 13.9% year-on-year decline. Hot rolled flat products are expected to end the year down by 3.9%, with cold rolled down by 3.8%.
The worldstainless data also projected a 0.4% decline in consumption in its Americas region in 2024, following a 9.4% dip last year. This year’s decline was also largely due to a 5.4% reduction in the consumption of long products.
Nonetheless, global projections indicate that stainless steel consumption will have risen by 4% year-on-year by the end of 2024. This is largely attributed to a 5.3% increase in China and a 6.5% increase in the rest of Asia. Furthermore, worldstainless forecasts that consumption will rise in all regions next year, with increases of 2.2% in Europe/Africa and 2% in Americas and declining rates of growth in China (2.6%) and the rest of Asia (5.3%).
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