EU

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Production in the EU automotive industry will grow by 7% y/y in 2023

In the second quarter of 2023, the volume of car production in the EU increased by 9.5% q/q

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EU reduced the export of steel products by 5% y/y in January-August

Shipments of rolled steel to third countries decreased by 6% y/y

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Steel imports to the EU in Q2 decreased by 10% y/y

In January-August 2023, European consumers reduced steel imports by 19% y/y

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Inflation in the Eurozone in October slowed to a minimum since July 2021

In October, the indicator increased by 2.9% y/y

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GDP of the Eurozone in Q3 decreased by 0.1% q/q

The economy of the European Union grew by 0.1% q/q in July-September

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Demand for steel in the EU will decrease by 5.3% y/y in 2023 – EUROFER

In 2024, the indicator will grow by 7.6%, but will face geopolitical unpredictability and economic uncertainty

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Austria increased steel output by 17.4% m/m in September

In January-September, the country's steelmakers reduced steel production by 6.9% y/y

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Inflation in Germany slowed down to 3.8% y/y in October

In September, the inflation rate exceeded 4.5%, and in August and July – 6%

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European Union reduced imports of flat rolled products from Ukraine by 33.4% y/y in January-August

In 8 months, the EU market consumed 486.34 thousand tons of flat rolled products of Ukrainian production

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EU imported 249.6 thousand tons of long rolled products from Ukraine in January-August

Over 8 months, the EU market reduced consumption of Ukrainian-produced long products by 24.9% y/y

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US will continue to suspend tariffs on European steel if necessary

The US is focused on reaching new agreements with the EU, even if it takes additional time

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EU imported 1.8 million tons of direct reduction iron in January-August

The main volume of products was shipped from Russia and Libya – 875.9 thousand tons and 313.8 thousand tons, respectively

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