The European Steel Association (EUROFER) recently adjusted its prediction for the EU's steel consumption in 2022.

According to the regional organization, this year EU's steel consumption may drop by 2% compared with the previous year due to the soaring energy price, the supply chain that remains broken for a long while, and the influence of the conflict between Russia and Ukraine.

Early in February, EUROFER once estimated that the EU's steel consumption would increase by 3.2% in 2022 and in 2023 to realize a growth of 1.7%. However, the association now is apt to believe that there's a bigger chance that the market demand may shrink instead of expanding.