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• BMTI Dry Bulk Commodity Overview (12 Nov 2019)

  Uncertainty looms in the European steel outlook, according to EU steel association EUROFER. A pre­sent “downslide” in the EU manufacturing sector is unlikely to bottom out soon, association director Axel Eggert said in a recent statement, noting “esca­lating trade disputes” between the United States and several of its main trading partners as well as continuing uncertainty about Brexit, both major fac­tors that could continue to have a dampening impact on the EU steel industry. EU steel consumption declined by 7.7% YoY in the second quarter of the year after falling by 1.6% in the first quarter. A com­bination of weakened exports and lower investment has taken a toll on steel use in the European Union, putting consumption at 39.3 Mt in Q2. The stock cycle, says EUROFER, turned negative in the quart­er, contrary to the seasonal pattern, worsening an already negative trend in final steel use. The down­turn in steel demand drove a 4% YoY fall in domestic deliveries in the EU in Q2 after a decline of 3% in Q1. A low-level stabilization in 2020, however, is seen, says Eggert, with an expected growth rate in consumption of 1.4% due to modest re-stocking.

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