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Mar.29.2024 1USD=7.095RMB
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European Car Sales Dip in February but Recovery in Sight, ACEA Says

https://en.steelhome.com [SteelHome] 2019-03-19 11:43:39

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The number of new passenger car registrations in the EU decreased by only 0.96% year-on-year in February 2019. This made it the sixth consecutive month to show a decline but there were also signs of recovery, the European Automotive Manufacturers Assn (ACEA) said on Friday March 15.

New car sales in Europe totaled 1,114,692 units in February 2019, compared with 1,125,472 vehicles sold in the corresponding month of 2018.

“The EU passenger car market contracted by 1% compared with one year ago, despite some major EU markets showing a slight recovery,” ACEA said.

After a five-month decline, demand for new cars increased modestly in Germany, France and the UK last month. In Spain and Italy, however, registrations continued to fall for the sixth consecutive month.

In recent months, car production has been affected by the introduction of emissions testing under the new Worldwide harmonized Light vehicles Test Procedure (WLTP)on September 1 last year, in anticipation of which there had been an exceptional surge in registrations over summer 2018.

As a result, demand for new cars fell in most EU countries in the closing months of 2018 and this continued into January. This negative trend, however, was expected to be short-lived and the market should be back to normal in the first quarter of 2019, according to market sources.

In the meantime, the European Commission (EC) has imposed definitive safeguard measures on a list of imported steel products, in the form of tariff rates and a range of quotas that are partly annual and country-specific and partly quarterly and global. These came into effect on February 2.

The EC split the hot-dipped galvanized (HDG) coil product category into two sub-categories, 4a and 4b, with material in the latter group being used mainly by the automotive sector.

Market sources believed that this change was made in response to a request from European carmakers, which were concerned that the quotas proposed in January would injure the automotive industry.

The quotas set for HDG are likely to result in lower import volumes of the material for both the automotive sector and other end-users, according to market sources. Buyers will probably have to source more material from domestic suppliers, which will support domestic prices.

Fastmarkets’ weekly price assessment for domestic HDG in Northern Europe was unchanged at €600-620 ($679-702) per tonne ex-works on March 13, reflecting the “achievable” price in the market.

On average, about 900 kg of steel is used in each car, according to the World Steel Association (Worldsteel).

Source from Fastmarkets MB
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