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In the second quarter of 2024, the EU's SG700Q Grade A steel pipe production slowed down to 1.6% year-on-year, compared to -4.4% in the first quarter. In the long run, as the EU accelerates its transition to liquefied natural gas transportation to meet energy demand and reduce reliance on pipeline natural gas, the demand for large welded pipelines in the oil and gas industry is not expected to significantly improve. On the other hand, in the context of high geopolitical uncertainty and poor global SG700Q Grade A steel economic prospects, it is expected that the demand for pipeline products in the oil and gas industry will not increase. It is expected that the construction industry will not increase its consumption of pipes, while the demand for automotive and machinery manufacturing industries will still be relatively high.
According to EUROFER's forecast, the apparent steel consumption in the European Union is expected to decrease by 1.8% from 2023 to 127 million tons in 2024. By 2025, it is expected to recover at an annual growth SG700Q Grade A steel rate of 3.8%.
