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A renewed trade policy for a stronger Europe
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This position paper represents EUROFER's contribution to the public consultation on the EU trade policy review, launched in mid-2020. The questions EUROFER has answered are reflected in this document.
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Brussels, 07 May 2024 – The European Commission has today published two Regulations extending the anti-dumping and countervailing measures in force on imports of stainless steel cold-rolled flat products (SSCR) originating in Indonesia to imports of SSCR from Taiwan, Turkey and Vietnam. EUROFER welcomes the extension of the duties and the introduction of import requirements connected to strict monitoring of imports.
The outlook for the European steel market in 2024 continues to lose momentum amidst persisting challenging conditions. Downside factors such as worsening geopolitical tensions, coupled with growing economic uncertainty, energy prices, inflation, interest rates have further impacted demand prospects. According to EUROFER’s latest Economic and Steel Market Outlook, these challenges have exacerbated the negative effects on apparent steel consumption, resulting in a more severe downturn in 2023 than previously projected (-9%, instead of -6.3%) and weaker growth in 2024 (+3.2%, instead of +5.6%). Output in steel-using sectors, despite showing more resilience than expected in the past year (+1.1%), is now set to decline (-1%). Imports are once again on the rise (+11% in the last quarter of 2023), capturing a staggering 27% market share throughout 2023.
Second quarter 2024 report. Data up to, and including, fourth quarter 2023