Evidence has become stronger of economic growth becoming more balanced owing to an investment-driven rebound in domestic demand. Manufacturing will remain the sector that benefits the most in this phase of the upswing, providing positive spin-off effects to other sectors as well.
Apparent steel consumption in the EU grew by almost 16% year on year in the first quarter, driven by the strength in real consumption and some stock building.
In addition to robust levels of domestic deliveries the first quarter saw also a significant rise in third country imports; particularly flat product imports rose sharply.
Imports, however, appear to have kept a rather high level in April. Moreover, import licences in May have neared the peak levels registered in June–July 2008 which points to the probability of even higher imports having entered the EU in recent months.