According to the report, the European Steel Association (Eurofer) explained that the European steel consuming industries are expected to decrease by 0.9% year on year in 2023 because of economic deterioration since summer will spread into the first half of next year. The Eurofer forecasted that economic and industrial demand is likely to improve from the second quarter of 2023.

Some market participants indicated that the positive development of the construction, mechanical engineering, and transport sectors had driven steel demand growth this year, while household appliances have faltered. The Eurofer predicted that the production capacity of construction and mechanical engineering will increase by 5.6% and 3.3% in 2022, which will probably decrease by 1% and 1.7% in 2023. On the contrary, the automotive and home appliance will be dropped by 1.7% and 4.5% in 2022, which will rise by 1.1% and 1.8% in 2023.