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Spiralling energy costs have forced steel makers to cut output across Europe, threatening mass plant shutdowns some warn could be permanent in a sector that employs more than 300,000 and contributes tens of billions of euros to the region s economy. ....
Steel likely to stabilize after short-term rebound: Eurofer’s Sciamarelli Historically high steel prices showed the market was undergoing a “very strong, impressive short-term rebound” after a demand plunge in 2020 due to COVID-19, but it was too early to call this a supercycle, Alessandro Sciamarelli, director of market analysis and economic studies at the European Steel Association (Eurofer), told S&P Global Platts commodity journalists in a May 25 interview. Industrial activity and steel production have rebounded more strongly than previously expected since Q3 2020, paving the way for a strong demand recovery in 2021, Sciamarelli said. The upwards movement in steel and raw materials prices, part of a bigger global trend driven primarily by the US and China, was likely to stabilize once the imbalance between supply and demand slowly fades away, because such high prices are unsustainable in the longer term, he said. ....
EU steel orders not yet back to pre-pandemic levels: Eurofer Steel orders in the EU are not yet back to pre-pandemic levels, except in the automotive sector, where the rebound has been strong, European Steel Association market analysis director Alessandro Sciamarelli said. This is despite an industry-driven rebound in orders in Q3 and Q4 2020 and again in Q1 2021, the Eurofer official said. “Steel consumption [in the EU] is still at low levels in historic terms,” Sciamarelli said in a webinar presentation. “Apparent steel consumption has been falling since early 2019, well before the pandemic, reflecting a negative trend in steel demand, a manufacturing downturn and destocking.” ....