According to the Economic and Steel Market Outlook 2023-2024/Q3 2023 Report from the Economic Committee of the European Steel Association (EUROFER), total EU exports of steel products to third countries decreased by eight percent year on year in the first quarter this year. In the given period, EU exports of finished products dropped by 10 percent, while exports of flat and long products fell by 12 percent and six percent, respectively, all year on year.
During the first four months of 2023, EU’s total steel exports declined by nine percent year on year. In the given period, the region’s exports of finished products fell by 11 percent, while exports of flat and long products decreased by 14 percent and six percent, respectively, all year on year.
EUROFER said that the UK, the US, Turkey, Switzerland and Egypt were the largest export destinations for EU steel exports in the first four months this year. These five countries together accounted for 55 percent of total EU finished product exports in the given period.
In the given period, exports of finished products to Ukraine rose by 209 percent due to improved trade functioning. In the January-April period, the EU’s exports of finished products to Egypt increased by 35 percent, while exports to Brazil, the US, Switzerland, the UK, Norway and China decreased by one percent, 10 percent, 18 percent, 20 percent, 26 percent and 26 percent, respectively, all year on year.
According to the EUROFER report, in the first four months flat product exports accounted for 67 percent of finished product exports and long product exports accounted for the remaining 33 percent.