Europe’s stainless steel demand 2024: A positive growth
Steel NewsDate: 12-01-2024 by: Ngoc Cam
According to the International Stainless Steel Forum, it is predicted that stainless steel consumption will increase by 3.6% in 2024. With the stability of interest rates and inventory levels at supply chain centers, stainless steel demand in the EU is expected to recover in the second half of 2024.
1. European stainless steel market situation in 2024
In 2023, the EU's stainless steel industry faced challenges with reduced production due to low demand and the impact of high inflation. However, entering 2024, experts predict positive developments and a recovery in the European steel industry.
The improved macroeconomic situation is considered the main factor influencing the recovery of the European stainless steel market. The Government plans to accelerate projects on renewable energy sources, especially wind and solar energy, aiming to increase the consumption of renewable energy to at least 40% by 2030. This requires a large amount of stainless steel because their characteristics and strength ensure the safety and efficiency of the project.
2. The global stainless steel industry prospered in 2024
In 2023, the global stainless steel industry recovered by 2.3% and this positive signal has not stopped yet as WorldSteel predicts steel demand will continue to grow by 1.7% in 2024. The consumption of flat-rolled stainless steel is expected to grow the fastest at 5.2% compared to 2023, followed by cold rolled steel and long steel with rates of 3.2% and 3.7%. respectively. The regions predicted to have the highest stainless steel consumption are Asia (excluding China) with 5.6%, followed by the EU, Africa, and China.
3. Vietnam gradually becomes a global stainless steel supplier
Vietnam maintained its position as the largest steel producer in Southeast Asia with 23 million tons of crude steel and 33 million tons of finished steel products of all kinds shipped in 2021. Once a country with the smallest economy in Asia, Vietnam Nam has risen to 13th position worldwide in crude steel output in 2022, exporting steel products to more than 30 countries in the region and worldwide.
In 2024, Vietnam will continue to promote projects to upgrade stainless steel production systems such as Senzimir rolling machines, 1300mm wide rolling technology, advanced equipment and machinery from Tenova, Danieli,... These investment efforts have helped steel products fully meet international standards such as ASTM, JIS, BS, EN,... and design and size requirements from customers.
Importing goods often takes a lot of time and effort to find sources of goods, manage the transportation process and control risks, especially high-value goods such as iron and steel. To solve the above difficult problems, many customers have chosen import support units to optimize costs and time.
MRS Steel is an enterprise specializing in providing solutions for importing Vietnamese steel to many large markets such as the United States, Europe, Italy, Spain,... Owning a network connecting the largest factories in Vietnam such as Hoa Phat, Hoa Sen Steel Sheet, Nam Kim, SY Vina,... MRS Steel will bring quality goods at the best prices to importers. In particular, a team of experienced market analysis, business and supply experts will support customers throughout the entire import process, warranty commitments and resolve complaints and arising problems.
From predictions about stainless steel demand in Europe in 2024, factories and importers can plan their business and development in the new context. For any questions about the Vietnamese stainless steel market, importers can contact MRS Steel via Hotline: +84 28 36 22 33 58 or Email: vanloc@mrssteel.com.vn for the most detailed advice.
