According to the Economic and Steel Market Outlook 2023-2024/Q2 2023 Report from the Economic Committee of the European Steel Association (EUROFER), total EU imports of finished steel products from third countries decreased by 33 percent year on year in the fourth quarter last year. In the given period, the EU’s imports of flat steel fell by 42 percent, while imports of long steel increased by three percent, both year on year. In 2022, the EU’s imports of finished steel products decreased by five percent, as a result of declining imports of flat products, which fell by nine percent, while imports of long products increased by 11 percent, all year on year.
Total EU imports of steel products (including semis) in the fourth quarter of 2022 decreased by 33 percent year on year, after a decrease of 17 percent in the third quarter last year. In the full year, the EU’s imports of steel products fell by 6.6 percent year on year. However, in 2022 overall, the EU’s steel imports remained at elevated historical levels.
In the fourth quarter last year, Turkey, South Korea, China, Taiwan and Japan accounted for 52 percent of total EU finished steel imports. Turkey continued to be the largest import source of finished products for the EU, with a share of 14.4 percent, followed by South Korea with 12 percent, China with 10.6 percent, Taiwan with 8.4 percent and Japan with 6.8 percent.
In the given quarter, imports of finished products from Turkey, India, the UK and Taiwan decreased by 40 percent, 72 percent, 14 percent and nine percent, respectively, while imports from Japan, China and South Korea increased by 47 percent, 14 percent and five percent, respectively, all year on year.
In January this year, the EU’s imports of finished products dropped by 46 percent, with imports of flat products and long products falling by 53 percent and 25 percent, respectively, all year on year.
According to the EUROFER report, the EU’s steel imports were volatile across 2021 and 2022, continuing a trend seen since 2019. Reflecting weaker demand from the first quarter of 2022, imports have been declining over the second half of 2022.