European Steel Association EUROFER in latest Economic & Steel Market Outlook 2023-24 has outlined that Steel Tube Industry activity, after a 10.9% rebound in 2021, output in the tube sector is expected to grow only moderately in 2022 by 1.9% and to drop in 2023 by 1.9% and moderate growth of 1.5% is foreseen again in 2024.EUROFER said “It would face the disruptions linked to Russia's war in Ukraine have further delayed ongoing projects and impacted the availability of materials and in the longer term, demand for large welded tubes from the oil and gas sector should not improve substantially. The recent recovery of global oil demand is not expected to boost the launch or the implementation of new pipelines in the short-term, due to high geopolitical uncertainty. Oil demand is likely to ease over 2023 and 2024 in the EU also as a consequence of low economic growth. On the other hand, demand from the construction sector is set to continue contributing to a moderate growth in output, whereas tube demand from the automotive and engineering sectors is forecast to remain relatively weak.”EUROFER highlighted “Due to war-related disruptions and supply chain issues, the third quarter of 2022recorded the abrupt end of the positive trend of the tube sector. After six consecutive quarters of growth, output dropped by 0.57% after an increase of 3.8% in the preceding quarter.
European Steel Association EUROFER in latest Economic & Steel Market Outlook 2023-24 has outlined that Steel Tube Industry activity, after a 10.9% rebound in 2021, output in the tube sector is expected to grow only moderately in 2022 by 1.9% and to drop in 2023 by 1.9% and moderate growth of 1.5% is foreseen again in 2024.EUROFER said “It would face the disruptions linked to Russia's war in Ukraine have further delayed ongoing projects and impacted the availability of materials and in the longer term, demand for large welded tubes from the oil and gas sector should not improve substantially. The recent recovery of global oil demand is not expected to boost the launch or the implementation of new pipelines in the short-term, due to high geopolitical uncertainty. Oil demand is likely to ease over 2023 and 2024 in the EU also as a consequence of low economic growth. On the other hand, demand from the construction sector is set to continue contributing to a moderate growth in output, whereas tube demand from the automotive and engineering sectors is forecast to remain relatively weak.”EUROFER highlighted “Due to war-related disruptions and supply chain issues, the third quarter of 2022recorded the abrupt end of the positive trend of the tube sector. After six consecutive quarters of growth, output dropped by 0.57% after an increase of 3.8% in the preceding quarter.
