
EUROMETAL survey: Europe sentiment improves, inventories foreseen declining
Global sentiment in European distributors’ association EUROMETAL’s latest, January survey indicates a slight improvement in current activity, although future activity, stock level and pricing expectations remain largely unchanged.
Although the three customer segments indicated stable current activity, the global sentiment indicator also includes the perspectives of steel experts that are not accounted for in the individual customer sector categories. This contributed to the sentiment improvement, EUROMETAL tells Kallanish.
Notably, the flat steel service centres distribution segment expects slight decreases in both activity and stock levels in the next three months.
By responder activity, those serving the automotive sector see slightly improved current activity and expect a slight decline in stock over the next three months. Survey respondents serving the construction, energy, manufacturing, packaging and tube sectors also see a slight improvement in current activity. Except for construction and energy, these segments also expect a slight decline in stock.
In terms of geography, respondents in France, the Nordics and Visegrad countries see slightly improved current activity, with the latter two also expecting a slight decline in stock over the next three months. The UK+Ireland see a slight deterioration in current activity, while Turkey expects higher stock levels and activity in the next three months. Pricing is seen remaining stable all round.
EUROMETAL divides the survey replies into three sets – “customer sector”, meaning association member type; “customer region”; and “responder activity”, referring to the end-use sector served.
Adam Smith Poland

EU Steel Distribution: cautious optimism amid stable market conditions as 2024 ends
The European Steel Distribution sector remains cautious and prepares for the challenges of early 2025.
The EUROMETAL Sentiment Survey for December 2024 reveals a largely neutral to mildly optimistic market sentiment, with respondents expecting stable stock levels, steady current activity, and modest improvements in future activity and prices. This suggests the steel and metals distribution sector is ending the year on a positive yet stable note, with confidence in the market’s trajectory heading into 2025.
Assessment of Current Activity
Responses for December 2024 reflect a continuation of trends observed in previous months, with activity levels remaining below the neutral line. This suggests that the sector continues to operate cautiously, with no signs of significant improvement.
However, compared to October and November, responses indicate a slight stabilization, suggesting that the current activity level has settled into a consistent, albeit subdued, pattern.
Future Activity Forecast
The sentiment for December 2024 is above the neutral line, suggesting cautious optimism for the next quarter.
In contrast to the months of August, September and October, where responses dipped below neutral, indicating some concerns or market uncertainties, December reflects greater confidence in upcoming activity.
Bubble size in December is moderate, suggesting a mix of opinions, but with the majority leaning toward a positive outlook.
Stock Position Forecast
Stock position responses for December show little change, reflecting a continued conservative inventory approach. Respondents indicate no significant plans for aggressive restocking, preferring to align stock levels with lower demand expectations. This reflects distributors’ cautious stance as they enter 2025 amid uncertain market conditions.
Price Development Expectations
December 2024 exhibits a clear upward tilt above neutrality, signaling expectations for moderate price increases in the coming months. The upward trajectory in December sentiment could reflect improving market conditions, such as stronger demand, reduced supply chain pressures, or other positive economic signals.
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This analysis is based on the EUROMETAL Sentiment Survey, reflecting the opinions of 210 participants for December 2024. Interested in our Sentiment Tool? Contact us.

EU Steel Distribution faces continued weak demand, with upward shift in price expectations
The EU steel and metals distribution sector remains cautious as we approach the end of 2024.
While current activity levels remain stable, future activity is expected to weaken. Distributors are maintaining a conservative approach to inventory, aligning stock levels with anticipated market softness. However, there’s a notable shift in price expectations, with some respondents foreseeing stabilization or slight increases, suggesting that price pressures might ease as the market recalibrates.
Overall, while the industry braces for subdued demand, there is a glimmer of potential price resilience, which could provide stability as distributors navigate this challenging period.
Assessment of Current Activity
Responses are consistent with previous months, possibly reflecting a stabilization or slight dip in current activity levels. The general trend remains below the neutral line, suggesting that the sector is still operating at a cautious activity level, with no significant improvement.
Future Activity Forecast
Downward trend continues: October responses show a continuation of the pessimistic outlook for future activity. Most responses are positioned below the neutral line, following the downward trend observed in recent months.
Weak expectations for the coming months: The future activity sentiment indicates an expected decrease as we move toward the end of 2024. This sustained downward trend suggests that distributors anticipate a prolonged period of weak demand.
Stock Position Forecast
Steady or slight decrease: Stock positions for October remain stable, with only slight variations from previous months, indicating a conservative approach to stock management.
No aggressive restocking: Respondents show no intentions of significantly increasing stock levels, reflecting a focus on maintaining or slightly reducing inventories in anticipation of lower demand. This pattern underscores a cautious stance, as distributors are reluctant to commit to higher stock levels amid uncertain market conditions.
Price Development Expectations
Shift in price sentiment: October’s responses indicate an upward shift in price expectations, with answers positioned closer to the neutral line and slightly above it.
Potential stabilization or increase: Unlike previous months, where sentiment leaned toward declining prices, October responses show a more balanced or slightly positive outlook on price developments, possibly due to market adjustments or expectations of supply limitations. This change may reflect a belief that prices could stabilize or increase slightly as distributors adapt to market realities and adjust supply strategies accordingly.
This analysis is based on the EUROMETAL Sentiment Survey, reflecting the opinions of 251 participants. Interested in our Sentiment Tool? Contact us.

Service centres, Turkey most pessimistic, says EUROMETAL survey
Flat steel service centres gave the most pessimistic view of market conditions in European steel distributors association EUROMETAL’s maiden market sentiment survey published in late July, Kallanish notes.
A total of 29 respondents in this customer segment said their assessment of current activity is slightly negative, as is their view of activity in the next quarter and their view of their stock position in the next quarter. Their expectation for prices in the next quarter is however to remain flat.
In the steel trading segment, 50 respondents indicated their assessment of current activity is slightly negative. However, their view of activity in the next quarter is slightly positive, with their view of their stock position being neutral. Their expectation for prices in the next quarter is to decline slightly.
In the stockholding distribution segment, 27 respondents said current activity is slightly negative, with the other three survey question responses coming back as neutral.
Split by customer region, almost all respondents said expectation for prices in the next quarter is to remain flat. However, in Iberia, respondents indicated a slight increase, despite being slightly negative in the other three survey question responses.
In Turkey, respondents foresaw a slight decline in prices. All regions except the Visegrad, UK + Ireland and the Balkans foresaw a slight decline in activity in the next quarter.
Turkish respondents were the most negative across the four survey questions, providing slightly negative responses for all of them.
By responder activity, only the energy and tube sectors foresaw a slight increase in activity in the next quarter. All sectors had flat price expectations for the next quarter.
Once a month, EUROMETAL will publish a summary of the survey responses. The report will present the combined opinions and previous data, aiding the market in forming a comprehensive view of trends, the association says.
“This first report conducted in July already demonstrates very different feelings in our industrial sectors (Stockholding, Flat SSC and Trading),” says the association’s director general, Ricardo Silva. The sentiment rating is split into positive/slightly positive/neutral/slightly negative/negative.
EUROMETAL divided the replies into three sets – “customer sector”, meaning association member type; “customer region”; and “responder activity”, referring to the end-use sector served.
Adam Smith Poland , Christian Koehl Germany

EUROMETAL Sentiment Tool is now operational
EUROMETAL began collecting the date of its first survey.
As reported about a month ago, EUROMETAL is launching the new market sentiment tool for its members and stakeholders.
Operators in the steel business are always keen to understand the general perception of the market regarding activity, stocks, and prices.
To meet this need, EUROMETAL introduced a new fully compliance tool to gather insights from members and subscribers on current market trends. This user-friendly tool will allow industry participants to share their opinions.
Once a month, EUROMETAL will publish a summary of the responses. The report (per sector and geographical area) will present the combined opinions and previous data, aiding the market in forming a comprehensive view of trends.
How to participate?
In a first phase, the Sentiment Tool was open to EUROMETAL members and subscribers.
An email entitled EUROMETAL Steel Distribution Market Sentiment Survey was sent today via info@eurometal-survey.net.
In the first phase, you will be asked to validate your contact, sector and market. Participation will only take a few seconds. Your participation is secret and will not be shared in any way.
Check your email and participate in this opinion poll.